November 13, 2009

Marfrig raises US$785.5 million in share offer

Brazilian meat processor Marfrig Alimentos raised a total of BRL1.363 billion (US$785.5 million) from its primary offer of shares on the São Paulo Stock Exchange (Bovespa), the company said Wednesday (Nov 11) in a statement.

Marfrig sold 71.744 million common shares at BRL19 each. This was below the company's BRL19.60 share close Wednesday on the Bovespa.

Marfrig will use most of the proceeds to pay for chicken and pork processor Seara, which it bought in September from US group Cargill for US$900 million, including US$194 million in debt.

US$1 = BRL1.735 (Nov 13)