Shares in Brasil Foods have fallen this morning (9 June) after a member of Brazil’s antitrust watchdog voted against the merger that created the meat giant.
Shares were down 4% today at 11:22 local time to BRL25.08 a share after the company said yesterday that a director of Cade, Brazil’s antitrust regulator, voted against the 2009 merger between Sadia and Perdigao.
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Cade has suspended a vote on the ruling until a further of review of the process is undertaken.
The country’s competition regulator imposed temporary restrictions on the merger in 2009, saying that both companies must continue to operate separately until it comes to a final ruling on the proposed deal.
In an interview with just-food in May 2010, Brasil Foods CFO Leopoldo Saboya said the group had begun to bring together parts of Perdigao and Sadia, including cash and liability management as well as sales and marketing.
Following the 2009 Cade decision, Perdigao changed its name to Brasil Foods and Sadia began operating as a subsidiary of the enlarged group through a share-swap deal.
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