By Brazil Stock Guide – Marfrig Global Foods (B3: MBRF3) has completed its merger with BRF, sealing one of Brazil’s largest food industry transactions in more than a decade. Starting Tuesday, Sept. 23, the combined company will trade on B3 under the ticker MBRF3, marking the end of BRF’s BRFS3 listing. Alongside the share conversion, Marfrig announced a new executive structure led by CEO Miguel Gularte and CFO José Ignacio Scoseria Rey.
MBRF begin trade as one of the world’s largest multi-protein companies, with annual net revenue of about R$152 billion ($29 billion) and operations in 117 countries.
Marfrig issued 602.8 million new shares at R$24.08 apiece ($4.70), lifting its total share capital to R$15.5 billion ($3 billion). The merger increased the company’s equity base by R$14.5 billion, with R$5 billion allocated to capital stock and R$9.5 billion to capital reserves. Fractional shares will be grouped and auctioned on B3, with proceeds distributed proportionally to former BRF investors.
“Miguel Gularte is the right CEO to drive integration and unlock synergies,” said Chairman Marcos Molina. The new executive lineup features Scoseria as CFO and head of investor relations, Leonardo Campos Dallorto leading international markets and supply, and Fabio Luis Mendes Mariano heading the halal business. Rui Mendonça Júnior, former Marfrig CEO, will stay on as consultant, while Tang David, who resigned as CFO, is set to join the board.
The merger brings together iconic beef, poultry and processed food brands, creating a diversified powerhouse with global reach. The strategy is to capture efficiencies in logistics and expand premium segments such as halal exports to Asia and the Middle East. Execution risk remains high, as the integration involves distinct corporate cultures and complex supply chains.
Marfrig shareholders gain a stronger, more diversified platform while keeping significant influence under founder Marcos Molina. BRF investors lose a pure-play poultry and processed food vehicle but gain exposure to Marfrig’s global beef business and potential synergies from scale.
BRF had been listed on B3 since 2009, when Sadia and Perdigão merged to form one of Brazil’s most emblematic food companies. Sadia had traded on the exchange since 1971, while Perdigão joined in 1980. The Marfrig-BRF merger thus closes a chapter that spans half a century of Brazilian food industry history.
This is the most significant consolidation deal in Brazil’s food sector since JBS’s expansion wave in the early 2010s. Analysts expect the combined company to show cost savings and improved margins as early as next year. The debut of MBRF3 sets the stage for a new heavyweight on B3, with the market now watching debt levels, execution discipline and potential international listings.
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