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Current Position:Home » News » Frozen & Deli Food » Topic

Marfrig Reported Making Progress on Assets Sale

Zoom in font  Zoom out font Published: 2012-08-28  Origin: Quick Frozen Foods  Views: 90
Core Tip: Marfrig Alimentos SA, Brazil's second-biggest food company, is getting a boost on the stock market from reports that it is making progress on plans to sell assets and reduce debt.
Shares gained four percent to 10.46 reals at the close of trading in Sao Paulo Aug. 24, for the biggest gain since Aug. 13. 

The Sao Paulo-based food company's plan to sell a stake has attracted the interest of Blackstone Group LP and Tyson Foods Inc., three people with direct knowledge of the talks said. Private equity units of JPMorgan Chase & Co. and Banco Bradesco SA are also interested in buying part of Marfrig or one of its units, they said, asking not to be identified because the discussions are private. 

"Marfrig is a well managed company with good products, the only thing that is stopping the stock from rising is debt," said Caue Pinheiro, an analyst at brokerage SLW Corretora. "That's why a plan to reduce its leverage is welcome." Marfrig, whose products include frozen dinners, chicken nuggets and hot dogs, is seeking to reduce debt after making 20 acquisitions in five years to compete with Brasil Foods SA. In April, it concluded the sale of European and US assets to Illinois-based Martin-Brower Co. for $400 million. 
 
 
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