Marfrig raises US$866 million in share offer

Brazilian meatpacker Marfrig Alimentos SA has raised BRL1.5 billion (US$866 million) from its offer of shares on the São Paulo Stock Exchange (Bovespa).

Marfrig sold a total of 79.04 million shares, with each share priced at BRL19 (US$11). Foreign investors acquired 37.8 million shares.

The company will use the proceeds to finance the recent acquisition of Seara Alimentos Ltd., a local poultry and pork processor. Marfrig bought Seara from US food giant Cargill for about US$900 million in September. The proceeds will also be used to repay its US$194 million debt.