Saudi Arabia takes 20 percent stake in Brazilian beef producer

Saudi Arabia agreed to take a 20 percent stake in Minerva SA in a transaction that will raise as much as $390 million for one of Brazil’s largest beef producers and help it gain better access to markets in the Middle East.

State-owned Saudi Agricultural & Livestock Investment Co., or Salic, will acquire 47.8 million new shares of Minerva.

Salic was formed three years ago to improve Saudi food security by investing in agriculture and livestock around the world. In July, the company and U.S. grain trader Bunge Ltd. acquired a majority stake in the former Canadian Wheat Board to gain access to grain exports from Canada.

Bloomberg News

This story was originally published December 24, 2015 at 11:28 AM with the headline "Saudi Arabia takes 20 percent stake in Brazilian beef producer."