Minerva expects the new deal with Marfrig to be approved by July at the latest

After two setbacks—one in October and another in December 2024—Minerva once again requested authorization in February of this year to finalize the purchase of three additional plants in Uruguay. In remarks to AgFeed, Edison Ticle, Chief Financial Officer and Investor Relations Officer at Minerva Foods, expressed his confidence that the new transaction would be approved. The expectation is a response by July “in the worst-case scenario. We have submitted a new proposal because we are fairly certain it satisfies the Uruguayan authorities. Now, I will only be completely sure once the decision is made. What I can say is that we made the best possible proposal at that time, given our engagement with the authorities,” he explained.

When asked what the company would do if Uruguay were to refuse, the executive admitted they could keep a larger plant and sell others. “If there is a very big change, I cannot predict it, but honestly, we are not operating under that scenario.” The proposal submitted by Minerva to the Comisión de Promoción y Defensa de la Competencia (Coprodec) involves acquiring the plants located in San José, Salto, and Colonia, and subsequently selling the Colonia plant to the Indian group Allana. The aim is to prevent an excessive increase in market concentration in Uruguay.