Nestle Is Said to Make Bid to Acquire BRF’s Pet Food Unit
- Food company said it didn’t make an offer for BRF’s division
- BRF is seeking 2 billion reais for the pet food business
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Nestle SA made an offer to purchase BRF SA’s pet food division for around 1.7 billion reais ($330 million), slightly below the valuation of around 2 billion reais BRF is seeking for the asset, according to people familiar with the matter.
After being approached by Nestle, BRF decided to carry out the sale through a competitive process with the help of Santander SA’s Brazilian unit, one of the people said, adding that the pet food business also attracted more potential buyers after the sale became public. Nestle said in an email that it didn’t make an offer for BRF’s pet food unit, while BRF declined to comment.