Cargill Buys Seara
U.S. company Cargill has concluded the acquisition of Seara Alimentos SA, Brazil's third largest meat manufacturer, for $130 million.
Through its Brazilian unit Cargill Agricola SA, the company will purchase 52.4 billion common and preferred Seara shares, or 62% of the company's capital stock, according to a joint statement by the two companies sent to the Brazilian securities regulator CVM.
Cargill also announced that, once the transaction is approved by the regulating agencies, it will make an offer for Seara's remaining shares. "Brazil is very well-positioned on the international high-quality foods and pork and poultry markets, and the acquisition of Seara is a great opportunity for Cargill to enter a new sector," said Sergio Barroso, Cargill's chairman in Brazil.