January 3, 2008

Brazil's Marfrig takes over Argentina's Mirab for US$36 million 

Brazil's third-largest beef exporter, Marfrig Frigorificos e Comercio de Alimentos SA, bought Argentina's Mirab SA for US$36 million, in a statement issued by Marfrig on Wednesday (January 2).

Marfrig said the payment used for the buyout was through funds obtained in a 2007 public offering of shares.

Mirab, Argentina's leading producer of meat-based snacks, including beef jerky, exports its products to the US, Japan and the U.K.

Marfrig's has already bought two other Argentine beef companies in October-- Best Beef S.A. and Estancias del Sur -- both subsidiaries of Argentina Breeders & Packers S.A., for US$39.3 million.

In November, Marfrig acquired a 70.51 percent stake in Argentina's Quickfood SA for US$140.8 million, and 100 percent of Establecimientos Colonia SA for US$85.53 million.