Thursday, January 19, 2017

Minerva Foods cancels purchase of Stresses

Minerva Foods announced on Tuesday (17/1) the termination of the contract of purchase of the refrigerator capixaba in fact Notes sent to CMV (Comissão de Valores Mobiliários).
As it was found the value in the due diligence process barriers, made the acquisition. " The contract [...] remains considered extinct in its own right, because they have not been met by the sellers, all conditions precedent retained between the parties, "said the company.
As it turned out, the report Stresses not provided documents relating to labor, tax and criminal processes, which led to the extinction of contract of sale. Wanted by story, Minerva and the Stresses they wouldn''t give details on the issue.
Although it has been cancelled, the deal could still happen if the fridge capixaba provide the documents required in "due diligence", the report found.
Announced on 7 November 2016, the purchase of the refrigerator by Minerva R$ 205 million cost Points and alçaria the company the second largest producer of beef from South America, surpassing the brazilian Global Marfrig Foods and behind only the JBS.
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