In this file:
· Minerva ditches plan to sell Athena Foods stake to investment vehicle
· Brazil's Minerva says Barretos beef plant resumed exports to China – filing
Minerva ditches plan to sell Athena Foods stake to investment vehicle
By Andy Coyne, Just-Food
9 October 2020
Brazilian meat processor Minerva's plan to sell a 25% stake in its Chile-based subsidiary Athena Foods to a Nasdaq-listed special purpose acquisition company (SPAC) for US$200m has been cancelled.
Minerva revealed the plan last month but in an announcement today (9 October) the company said that it has terminated all discussions in relation to the possible deal.
The identity of the SPAC has not been disclosed and nor has Minerva given a reason for the volte-face.
Last month, Minerva said the proposed deal was "part of its ongoing efforts to maximise long-term value for its shareholders".
It said it had entered a non-binding letter of intent with the investment vehicle with respect to a possible business combination with Athena Foods.
Minerva said the SPAC intended to offer additional equity pursuant to a private placement to raise gross proceeds of up to $100m.
Once the transaction was complete, Minerva expected to hold approximately 75% of the surviving entity and receive cash of approximately $200m for the remainder.
Minerva has been conducting a strategic review of alternatives...
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Brazil's Minerva says Barretos beef plant resumed exports to China - filing
Successful Farming/Agriculture.com - 10/9/2020
SAO PAULO, Oct 9 (Reuters) - Brazilian meatpacker Minerva said its Barretos beef facility was authorized to resume exports to China after the importing country lifted a sanitary ban imposed a week ago, according to a securities filing on Friday. (Reporting by Ana Mano; Editing by Toby Chopra)
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