Brazilian meat company Marfrig Alimentos is to acquire real estate and industrial assets from one of the turkey divisions of its rival Doux Frangosul.
Machado, Meyer, Sendacz e Opice Advogados acted for Frangosul, a subsidiary of French poultry company Group Douxe, in the US$32 million sale, while Marfrig took legal advice from its in-house team.
Marfrig's legal director, Heraldo Geres, says, “We had a very simple negotiation process; the main point was to adapt the cash flow and guarantees to the process of freeing up Frangosul’s assets, because many of them had restrictions and will be transferred after a release agreement from third parties.”
Marfrig’s next move will be to conduct due diligence at Frangosul’s industrial plant to ensure it is in compliance with environmental, tax, and labour regulations.
At the same time, says Geres, the parties are preparing their antitrust filing for CADE.
Marfrig has said the deal is part of its strategy to broaden its focus from beef production.
Frangosul’s turkey unit, in the state of Rio Grande do Sul, has the capacity to slaughter 30,000 turkeys daily.
Counsel to Marfrig
• In-house counsel - Heraldo Geres and Renato da Camara Lopes
Counsel to Doux Frangosul
• In-house counsel - Matheus Brenner
• Machado, Meyer, Sendacz e Opice Advogados
Partner Rubens Opice Filho and associates Luiz Felipe Duarte Martins Costa and Juliana Bastinello Baldin
(Latin Lawyer 25.06.2009)
(Notícia na Íntegra)