By Brazil Stock Guide – Minerva S.A. (B3: BEEF3) said that Uruguay’s competition authority, the Comisión de Promoción y Defensa de la Competencia (Coprodec), has blocked its acquisition of three beef processing plants owned by Marfrig Global Foods S.A. (B3: MRFG3). The facilities are located in San José, Salto and Colonia. The deal was part of Minerva’s strategy to expand its footprint across South America, where it is already the region’s top beef exporterminerva.
The transaction, first announced in 2024, was included in a broader asset package involving Minerva and Marfrig across South America. The Coprodec decision halts Minerva’s bid to expand its slaughtering and export capacity in Uruguay, a key supplier of premium beef to international markets. Although the company didn’t disclose updated values in its latest statement, the assets were considered strategically relevant for boosting Minerva’s regional scale.
The ruling underscores growing regulatory scrutiny on consolidation in the beef sector, particularly in smaller but strategic markets like Uruguay. While the setback delays Minerva’s expansion plan, the company continues to integrate assets already cleared in Brazil and Argentina.