Sector News

Brazil's Marfrig close to decision on Keystone sale: source

June 29, 2018
Consumer Packaged Goods

Brazil’s Marfrig Global Foods SA is close to selling its U.S. subsidiary Keystone Foods LLC, which supplies chicken to restaurant chains such as McDonald’s Corp, one person with direct knowledge of the matter said on Wednesday.

Five binding proposals were delivered earlier this week and Marfrig’s controlling shareholder Marcos Molina will decide on them soon, according to the source.

Among the groups interested in Keystone are Cargill Inc, Tyson Foods Inc, Cofco Corp, China Investment Corp and George Inc, a family-owned chicken producer based in Springdale, Arkansas.

Shares in Marfrig were up 4.4 percent at 8.30 reais on the Sao Paulo stock exchange, extending this year’s gains to 15 percent. Bloomberg reported on Tuesday that Marfrig had received binding offers for Keystone.

By Tatiana Bautzer

Source: Reuters

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