Minerva is specifically proposing to sell the Colonia plant immediately after the acquisition. Credit: T. Schneider/Shutterstock.

Minerva Foods has submitted a revised proposal to Uruguay’s antitrust authority to acquire local slaughterhouses owned by meat rival Marfrig Global Foods.

Uruguay’s competition regulator, La Comisión de Promoción y Defensa de la Competencia (Coprodec), rejected Minerva’s bid to purchase three slaughterhouses from Marfrig in May, located in San José, Salto, and Colonia.

The Brazil-headquartered meat major is now proposing to purchase the same trio of facilities, but with a pledge to sell the Colonia site immediately after the transaction in an effort to get the deal passed Coprodec.

Allana Group, a manufacturer of halal meat and pet food, was identified in a statement today (12 February) from Minerva as the target company to purchase the Colonia facility should the transaction get the regulator’s clearance.

Minerva has been seeking to acquire the Uruguay assets as part of wider deal with Marfrig dating back to 2023, which also featured plants in Brazil, Chile and Argentina.

It included 11 plants and a distribution centre in Brazil, the three plants in Uruguay, a facility in Argentina, and a factory in Chile for a total consideration of 7.5bn reais ($1.3bn).

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The Brazil, Argentina and Chile part of the deal was cleared by the Brazilian Administrative Council for Economic Defense (CADE) last August, conditional on Minerva selling one of the Brazil sites post transaction.

The value of the Uruguay portion was previously put at 675m reais.

Marfrig also acknowledged Minerva’s revised bid in a statement today.

“It is important to highlight that the proposal submitted by Minerva to the Uruguayan competition authority will not result in any changes to the conditions originally agreed upon with Minerva for operation Uruguay, namely, the sale of all three units (San José, Salto, and Colonia) under the exact terms and conditions set forth in the purchase and sale agreement executed on August 28, 2023,” Marfrig said.

“Minerva’s alternative proposal will be a completely separate legal transaction from the operation Uruguay, to be agreed upon exclusively by Minerva, without any participation or involvement from Marfrig.”