Minerva Foods considers going private in a BRL 2B deal

Minerva Foods is considering going private through a tender offer, according to sources reported by NeoFeed on October 8, 2026. The discussions are taking place between controlling shareholders, the Villela de Queiroz family and Saudi fund Salic. BTG Pactual is advising the transaction, though sources indicate chances of moving forward are currently around 50%.

The potential transaction comes after a drop in the meatpacker's shares, which are down 23.26% this year and more than 30% over the last 12 months, despite a 12% rise following the first round of elections. The controlling shareholders view the company as discounted on the stock exchange. More than 45% of the company's capital is in free float, and a delisting would require the acceptance of two-thirds of those investors. At market prices on October 8, the purchase would cost at least BRL 2 billion without factoring in any premium.

Minerva reported a net profit of BRL 196.9 million in the second quarter of 2026, down 57% year on year but up 125% sequentially. Net revenue rose 1.3% to BRL 14.1 billion, while EBITDA fell 5.5% to BRL 1.23 billion, bringing the EBITDA margin to 8.7% compared with 9.4% a year earlier. CFO Edison Ticle previously attributed the margin decline to cattle prices rising roughly 27%.

Leverage reached 2.9 times net debt to 12-month EBITDA, up from 2.7 times in the prior quarter. The quarterly net financial result was negative BRL 756.8 million, worsening by 26.7% from a year earlier due in part to foreign exchange variations. When contacted, Minerva reiterated its June 1 statement noting that no formal corporate decision has been made regarding a delisting transaction.