SAO PAULO – Brazilian protein producer Marfrig Global Foods SA has raised its stake in U.S. meatpacker National Beef Packing Company to 81.7% from 51%, according to Sunday evening filings.
Marfrig acquired the stake from Jefferies Financial Group Inc for $860 million. Including dividends relative to this year, Jefferies will receive a total of $970 million.
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National Beef Co., controlled by the Brazilian giant Marfrig Global Foods, sees relatively stable margins in the next two quarters, according to Tim Klein, who heads Marfrig’s U.S. operations. That means even though their costs to buy cattle are increasing, the company will ultimately be able to pass that on to consumers in the form of pricier steaks and burgers. …
Four of the biggest meat-processing companies, using their market power in the highly consolidated U.S. market to drive up meat prices and underpay farmers, have tripled their own net profit margins since the pandemic started, White House economics advisers said. …
Brazilian meatpackers BRF SA and Marfrig Global Foods SA said on Thursday that they had mutually agreed to call off negotiations for a possible merger that were going on for a month. …
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