Latin Lawyer: Marfrig buys into Uruguayan tannery group
Thursday, 4th February 2010
Brazilian meatpacker Marfrig Alimentos has closed its takeover of Uruguayan leather exporter Zenda for US$50 million, in a deal spanning nine jurisdictions.
Marfrig used its Brazilian in-house team and Uruguay’s Guyer & Regules for the deal, turning to other outside lawyers for local tax advice and due diligence in the countries where Zenda’s processing plants and sales offices are located – including Ritch Mueller SC in Mexico, Uriburu-Bosch & Asociados in Argentina, independent practitioners in Chile and the US, and other firms in Germany, South Africa and China.
Uruguay’s Lapique & Santeugini gave local advice to Zenda, and used its membership of the International Alliance of Law Firms to find other counsel in Latin America – Martorelli & Gouveia Advogados in Brazil, Segal Turner & Asociados in Argentina, D&A Morales & Asociados SC in Mexico and Ramirez Asociados Abogados in Chile.
Under the deal, which was announced in October and closed on 20 January, Marfrig has bought a 51 per cent stake in Zenda and will acquire the remaining 49 per cent in tranches over the next three years.
Zenda, established in 1890 and formerly wholly owned by Uruguay’s Branáa family, produces upholstery leather for use in cars, aircraft and furniture. Its tanneries in Uruguay, Argentina and South Africa process around 7,000 rawhides per day. Marfrig says the deal will guarantee Zenda a reliable flow of raw material.
Other press clippings:
- International Law Office: $50 million acquisition Marfrig Alimentos SA, Grupo Zenda
- Leather International Magazine: Marfrig buys controlling stake in Zenda
- AIN: Zenda Joins Marfrig To Complete Process Chain
- EL PAÍS: Marfrig ya controla la curtiembre Zenda
- EL PAÍS: Marfrig compra parte de Zenda
- EL PAÍS: Marfrig se amplía en Uruguay y se queda con el 51% de Zenda
- OBSERVA: Grupo Marfrig compra Zenda por U$S 49,5:
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