By Brazil Stock Guide – Marfrig Global Foods S.A. (B3: MRFG3) and BRF S.A. (B3: BRFS3) confirmed on Monday, Sept. 8, that the closing of their merger will take place on Sept. 22, the last trading day for both companies’ shares at B3, the Brazilian stock exchange. On the following day, the new entity MBRF (B3: MBRF3) will begin trading, after Brazil’s antitrust watchdog Cade cleared the deal on Friday, Sept. 5, 2025.
The share swap ratio was set at 0.8521 Marfrig share for each BRF share, with 99.41% of BRF shareholders choosing to remain in the new company. Only 9.98 million BRF shares were subject to withdrawal, totaling R$198.5 million (US$37 million) in reimbursements. Marfrig, in turn, saw just one dissident shareholder, representing five shares worth R$16.60 (US$3.10).
Marfrig’s founder Marcos Molina will remain in control of MBRF with about 52% of the capital.
Billions in dividends ahead of merger
BRF approved the distribution of R$3.32 billion (US$623 million), including R$2.92 billion in dividends and R$400 million in interest on equity. The payout equals R$2.08 (US$0.39) per share and will be made on Sept. 29 to shareholders of record on Sept. 18.
Marfrig declared R$2.35 billion (US$441 million) in interim dividends, or R$2.81 (US$0.53) per share, to be paid on Sept. 30. Both companies set the same record date, aligning their payout schedules.
BRF also issued a notice to non-resident investors, warning they may face up to 25% withholding tax on capital gains arising from the merger. Shareholders must submit acquisition cost and tax residency details by Sept. 19. Failure to provide information will result in a zero-cost basis and taxation at the maximum rate.
The creation of MBRF will form one of the world’s largest protein companies, combining Marfrig’s beef operations with BRF’s poultry and processed foods. With greater scale and international reach, the company aims to capture synergies and compete directly with global rivals such as JBS and Tyson Foods.
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