August 19, 2009

Shareholders at Sadia, BRF approve merger

Shareholders at Brazilian meatpackers Sadia and Brasil Foods or BRF, on Tuesday (August 18) voted at separate shareholder assemblies to approve a merger originally proposed in May by company managers.


The merger will create a new company known as BRF Brasil Foods, which will trade under the ticker PRGA3.BR.


BRF was formerly known as Perdigao.


Under terms of the merger, Sadia will transfer its shares to a company called HFF Participacoes, which will migrate its shares to BRF.


BRF Brasil Foods shares will begin trading on Sept. 22.


The merger must still be approved by Brazilian anti-trust officials, expected shortly.


BRF's combined annual revenue is around US$11 billion.