Brazilian meatpacker agrees to sell Colonia plant to India’s Allana.
Brazilian meatpacker Minerva said on Friday it signed a contract to sell the Colonia plant in Uruguay to Indian food company Allana for $48 million, as part of its efforts to get antitrust approval for the purchase of other two plants in the cities of San José and Salto.
Minerva has proposed to Uruguay's watchdog Coprodec to sell one of the three plants it wishes to buy from Marfrig - the Colonia unit - immediately following the deal, after the regulator blocked Minerva's acquisition of the three assets last year.
The plants are part of a nearly $1.5 billion deal reached in 2023 between Minerva and Marfrig under which the former would buy 16 meatpacking plants in South America, of which 11 are in Brazil, three in Uruguay, one in Argentina and one in Chile. The only regulatory setback was in Uruguay.
Minerva proposed in March this year to buy the three Uruguayan plants and immediately resell the Colonia plant to Allana.
In September, Brazil's antitrust authority CADE approved the deal with the condition that the company sell the plant in the state of Goiás formerly owned by Marfrig.
Source: Latin Finance
