Brazilian meat firms Perdigao and Sadia today (5 June) notified the market that the conditions for implementing the Association Agreement that would lead to their merger have been complied with.
The deal, first announced last month, would create a new business, Brasil Foods, which would be 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.
In a joint statement, the companies revealed that Perdigao’s signatory shareholders and Sadia shareholders representing more than 51% of common shares have approved the deal.
Under the transaction, Perdigao shareholders will control 68% of the new enterprise. Sadia will operate as a 100%-owned subsidiary of Perdigao.