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BNDES may be Marfrig's largest shareholder in 2015, says BofA

The National Bank for Economic and Social Development (BNDES) will be the largest shareholder in Marfrig in 2015, says a report published by Bank of America (BofA). By the bank's calculations, BNDES will own 31.3% of the slaughterhouse's capital after the full conversion of debentures in July 2015. The parent company MMS Participações will hold a 30.2% stake in the company.

In July 2010, BNDES purchased R$ 2.5 billion of debentures convertible into Marfrig shares. Under the terms of the contract, the state-owned bank will convert the amount into Marfrig stock at a price of R$ 24.50 in July 2015. There is a provision, however, that BNDES could convert all its debentures in the event of a shares issue by Marfrig. In this event, instead of exchanging the shares at a price of R$ 24.50, BNDES would convert them at the price fixed upon the issue of the debentures.

Information provided by Valor Econômico


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