Brazilian meat group Perdigao has received shareholder approval to change its name to Brasil Foods (BRF) ahead of its planned merger with local peer Sadia.
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The company’s shareholders approved the move at an extraordinary general shareholders’ meeting, held yesterday (8 July).
Under the merger agreement, first announced in May, after Perdigao has changed its name to BRF, Sadia’s majority shareholders – 92% of shareholders who vote as a block – will create a new holding company, HFF. Shares in HFF will then be converted into BRF shares at a “control premium” ratio of 1 to 0.166247.
The remaining 8% of Sadia’s preferred free-float shareholders would be offered BRF shares at 80% of the control premium value.
Current Perdiago shareholders will control 68% of the new entity and Sadia will operate as a 100% owned subsidiary of BRF.
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By GlobalDataThe merger will create the world’s largest poultry exporter. Between them, Perdigao and Sadia also have interests in the dairy sector and make frozen foods, pizza, pasta, margarine and desserts.
