Brazil’s BRF receives non-binding offers for assets from overseas

Debt-ridden meat processor, BRF SA has received 14 non-binding offers for its Argentine assets and 8 for assets in Thailand and Europe. The company expects to receive binding offers for the assets by December 15 that together are expected to raise R$3bn. BRF devised a contingency plan in June to recover from the company’s plunging share price, which included selling assets to raise cash and reduce leverage. Last week, the company announced a net loss of R$812m in the third quarter of this year.

Supporting sources

URL: https://www.reuters.com/article/brf-outlook-idUSE6N1U604P

Brazil’s BRF expects binding offers for 3 bln reais of assets next month

SAO PAULO, Nov 8 (Reuters)

Brazilian food processor BRF SA has received 14 non-binding offers for its Argentine assets and eight for assets based in Thailand and Europe, as it presses on with plans to raise cash and reduce leverage, executives said on Thursday.
Speaking on a conference call after releasing third-quarter results, executives said they expect to receive binding offers for the assets by Dec. 15. Proceeds from divestitures are expected to reach 3 billion reais ($806 million), they said. (Reporting by Ana Mano; Editing by Bernard Orr )

Date:

URL:

Sharing is caring!