Marfrig eyes Brazilian meat processing competitor

Brazilian meat producer Marfrig Alimentos SA may buy competitor, Minerva SA, for US$567 million, according to reports.

Marfrig is discussing a potential purchase with Minerva, but both companies denied talks or agreements.

"It is one of the remaining big beef companies, and the market believes it (Minerva) could be a takeover target," analyst Caue Pinheiro of SLW Corretora said.

Minerva's stock rose 8% during Monday (March 15) trading in Sao Paulo after the report.