Investors punish Minerva shares after deal for 16 Marfrig abattoirs

Sep 28, 2023

Shares in South America’s largest beef exporter fell sharply on Tuesday as investors digested Minerva’s move to acquire 16 slaughterhouses from rival meatpacker Marfrig for 7.5 billion reais ($1.53 billion).

Minerva shares fell 15% in morning trading while Marfrig jumped 9%.

Analysts warned that the move, making Minerva one of the world’s biggest beef sellers, could strain its debt levels and weigh on expected dividends.

“We are surprised with the magnitude of this M&A. We believe part of (Minerva’s) investment thesis is supported by its (dividend) payout, and we expect a negative share reaction to the news,” Goldman Sachs analysts said in a note to clients, while noting the “strategic merit” of the deal.

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Video: 2026 T.K. Cheung Lecture in Animal Science - Dan Weary

T.K. Cheung Lecture in Animal Science: "Using science to assess and improve the welfare of dairy cattle"

Dan Weary is a Professor at the University of British Columbia. Dan did his BSc and MSc at McGill and Doctorate at Oxford before co-founding UBC’s Animal Welfare Program where he now co-directs this active research group. His research focuses on understanding the perspectives of animals and applying these insights to develop methods of assessing animal welfare and improving the lives of animals. His work has helped drive changes in practices (including the adoption of higher milk rations for calves and pain management for disbudding) and housing methods (including the adoption of social housing for pre-weaned calves). He also studies cow comfort and lameness, social interactions among cows, and interactions between cows, human handlers and technologies like automated millking systems that are increasingly used on farms. His presentation will outline key questions in cattle welfare, highlight recent UBC research addressing them, and showcase innovative methods for improving the lives of cattle and their caretakers.