Brasil Foods Said to Seek Sale of 33% Stake in Argentina’s Quickfood
BRF - Brasil Foods SA (BRFS3), the world’s largest poultry exporter, may sell a stake in meatpacker Quickfood SA (PATY) to a group of Argentinean investors, according to a person with knowledge of the discussions.
Sao Paulo-based Brasil Foods may sell as much as 33 percent of Quickfood to a group led by Carlos Miguens, whose family was the former controlling shareholder of Argentinean brewery Quilmes Industrial SA, said the person, who asked not to be named because the talks haven’t been announced publicly. Quickfood is worth 394 million pesos ($92 million), based on its share price on Dec. 7, the last time it was traded.
Brasil Foods is in the process of taking over Quickfood, Argentina’s biggest meatpacker, from Marfrig Alimentos SA (MRFG3) and would sell the stake after the deal is concluded, the person said. The purchase may involve assets in Argentina including a slaughterhouse, a processed-vegetables unit, a sausage and ham operation, a distribution center and the Paty and Barny brands, according to a presentation by Marfrig Alimentos on its website.
Brasil Foods owns 67 percent of Grupo Danica and Empresa Avex in Argentina, while investors led by Miguens own the remaining 33 percent. Brasil Foods plans to follow the same model for Quickfood, the person said.
A request for comment from Miguens at his office in Buenos Aires wasn’t returned. Brasil Foods declined to comment when contacted by Bloomberg News.
Brasil Foods rose 1.2 percent to 36.52 reais at the close in Sao Paulo. The shares have climbed 32 percent this year through yesterday, compared with an 18 percent decline in Brazil’s benchmark Bovespa index.
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