Brazil antitrust body CADE postpones final decision on Marfrig-BRF deal

By Ana Mano

SAO PAULO, Aug 11 (Reuters) - Brazil's antitrust authority CADE has postponed its decision on beef producer Marfrig's MRFG3.SA proposed takeover of food processor BRF BRF3.SA after the agency's president recommended commissioners prolong the review, according to an electronically signed document posted on CADE's website on Monday.

The majority of CADE commissioners disagreed with President Gustavo de Lima's recommendation to prolong the review of the deal, according to four votes cast on a virtual session.

Lima then decided to resubmit his recommendation to commissioners at a yet-to-be-scheduled in-person session.

The combination of Marfrig and BRF will create another global food producer and exporter based in Brazil and with factories in multiple locations, including the United States, the Middle East and China.

In June, CADE had approved the proposed takeover under a fast-track review process.

But CADE's nod was later challenged by rival food company Minerva BEEF3.SA, which requested the authority to scrutinize the deal more closely because of a minority shareholder it and BRF have in common.

SALIC International Investment Company, a wholly-owned subsidiary of Saudi Agricultural and Livestock Investment Company, is the common shareholder.

The Saudi investor, which owns 11.03% of BRF and 24.49% of Minerva, told CADE formally it is a passive investor in both companies with no influence in their management or business decisions.