By Brazil Stock Guide – Investors have until Wednesday, Sept. 17 to buy shares of BRF (B3: BRFS3) and Marfrig (B3: MRFG3) if they want to qualify for dividend payments. The record date is Sept. 18, and starting Sept. 19 both stocks will trade ex-dividend.
BRF will distribute R$3.32 billion (US$623 million), equal to R$2.08 (US$0.39) per share, payable on Sept. 29. Marfrig will pay R$2.35 billion (US$441 million), or R$2.81 (US$0.53) per share, on Sept. 30.
Both companies’ shares will cease trading on Sept. 22, when they merge to form MBRF3, which will list the following day at B3, the Brazilian stock exchange.
BRF also issued a notice to non-resident investors, warning that capital gains from the merger may be subject to withholding tax of up to 25%. Shareholders must submit acquisition cost and tax residency details by Sept. 19, or risk being taxed at the maximum rate on a zero-cost basis.
The merger will create one of the world’s largest animal protein companies, combining BRF’s strength in processed foods and consumer brands such as Sadia and Perdigão with Marfrig’s global presence in fresh beef.
The move is expected to boost production scale, cut logistics costs, and result in a company with more than R$200 billion in annual revenue, greater geographic diversification, and stronger bargaining power with suppliers and international clients. Analysts note the deal may also reshape competitive dynamics in the protein sector, increasing pressure on rivals such as JBS and Minerva.
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