🔔 The dashboard: Brazil’s benchmark stock index Ibovespa lost 1.28 percent this week. Meanwhile, the Brazilian Real lost 2.15 percent against the U.S. Dollar this week.
- Biggest gains: MRV Engenharia (construction): +17.04 percent.
- Biggest drops: IRB Brasil (insurance): -38.07 percent.
Marfrig top exec will take over as BRF’s global CEO
After buying further BRF stocks and effectively joining the company’s board in recent months, meatpacking group Marfrig has now taken another step toward what analysts believe to be a gradual merger of both companies.
This week, BRF Global CEO Lorival Nogueira Luz Junior handed in his resignation letter and appointed Miguel de Souza Gularte, Marfrig’s top South America executive, as his replacement.
State of play. Since March 2021, Marfrig has been BRF’s largest shareholder, with a 33.25-percent stake. At the time, Marfrig said that it was just aiming to diversify its holdings rather than influence BRF’s management.
- Yes, but … Analysts now believe that this latest move is what both companies needed to resurrect failed 2019 merger talks — although both organizations have denied such intention in statements.
Why it matters. BRF, owner of well-known Brazilian consumer brands Sadia and Perdigão, is the world’s largest poultry exporter. It also processes...
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