This report does not constitute a rating action. SAO PAULO (S&P Global Ratings) May 16, 2025--S&P Global Ratings believes that Marfrig Global Foods S.A. has the balance sheet cushion to absorb the impact from its planned acquisition of the remaining shares in BRF S.A. Marfrig, which currently owns 50.49% of BRF's shares, announced May 15 that it intends to acquire the remaining shares. As part of the proposed transaction, BRF?s shareholders would receive, through a share swap, 0.8521 ordinary shares of Marfrig for each BRF share they own. The deal also involves additional dividend payments for shareholders that accept the exchange--Brazilian real (R$) 3.5 billion from BRF and R$2.5 billion from Marfrig. We previously estimated that each company would pay
