The Administrative Council for Economic Defense (CADE) approved the incorporation of BRF by Marfrig without restrictions. The deal, first submitted to CADE in May 2025, will see Marfrig acquire all BRF shares it does not already control. In exchange, BRF shareholders will receive Marfrig stock.
CADE said the merger raises no competition concerns, noting the companies’ combined market share in overlapping product categories remains below 20%, far from levels that could indicate dominance.
Rival Minerva Foods appealed, citing risks from the Saudi Agricultural and Livestock Investment Company (SALIC) stakes in both Marfrig and Minerva. CADE President Gustavo Augusto, who served as rapporteur, acknowledged Minerva’s appeal but emphasised that SALIC’s participation was outside the scope of this review, concluding with the regulator rejecting the appeal.
CADE’s tribunal unanimously upheld the decision to clear the deal without restrictions.
