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Minerva may move onto acquisition trail

09/09/2010
Brazilian packer firm Minerva, the subject of merger speculation earlier this year with much bigger rival Marfrig, has said it may have relied on organic growth for too long and that the time might now have come for it to move onto the acquisition trail.

While Marfrig, JBS and other big Brazilian firms have been active on the acquisition front over the last two years, Minerva has held back from following suit.

Announcing second-quarter profits of around $36 million, an increase of 16.9% on the first quarter of 2010 and of 40.9% on the second quarter of 2009, company president, Fernando Galletti de Queiroz, told Brazilian media: “We achieved organic growth at a time when everyone else was making acquisitions. Now we have a platform in place to make our own purchases, at a time when some interesting businesses are available.”

He named no names.


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