RUSSIA: Sadia quits Russian venture
Brazilian meat processor Sadia said today (5 June) that it had struck a deal to sell its stake in Russian venture Investeast.
Sadia, which looks to set to merge with fellow Brazilian meat group Perdigao, has sold its 60% stake to venture partner Fomanto in a deal worth US$77.5m.
"This decision does not change the marketing strategy of Sadia in the Russian market," Sadia said.
The merger with Perdigao, first announced last month, would create a new business, Brasil Foods, which would be the world's largest poultry exporter.
Brasil Foods yesterday (12 November) posted a jump in third-quarter profit after a strengthening local currency helped cut debt costs....
Brazilian food processor Brasil Foods has approved the delisting of the shares of its subsidiary Sadia....
Brazilian food group Marfrig, the new owner of former Cargill poultry business Seara Alimentos, has dismissed reports claiming it is also holding talks to buy Groupe Doux's local operations....
US agribusiness giant Cargill remains committed to growing its meat businesses around the world, the company has told just-food, despite the sale of its pork and poultry unit in Brazil....
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