Brazilian meat processor Perdigao has bought a majority stake in local rival Eleva Alimentos in a cash-and-shares deal.
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Perdigao, which is Brazil’s second-largest poultry and pork group, has agreed to buy 35.7% of Eleva’s voting shares for almost BRL600m (US$345m).
Perdigao will also sell 15.46m of its own shares to Eleva’s controlling investors in exchange for a further 41.6% of the business.
Once the deal is complete, Eleva will become a subsidiary of Perdigao, which will issue new shares in itself to raise funds for the acquisition.
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