BNDESPar Adds to Marfrig Stake

BNDESPar Adds to Marfrig Stake

Brazil Equity

Marfrig is set to raise BRL350m ($176m) following the approval of the issuance of convertible shares to BNDESPar. The sale of 43.7m shares at BRL8.00 each comes on the back of December’s BRL1.05bn equity follow-on, and allows the investment arm of the Brazilian development bank to maintain its position in Marfrig. The securities become convertible in 2015. BNDESPar now holds 19.63% of the Brazilian meatpacker. Separately, Marfrig named Frank Ravndal as CEO of its US subsidiary Keystone Foods, it

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