On Thursday, October 22, 2026, Marfrig Global Foods (MBRF3) and BRF reported that the Terms of Arbitration for proceeding CAM 312/25, in which the companies are named as respondents, was made available by the Câmara de Arbitragem do Mercado on October 13, 2026. The arbitration has a total disputed amount of R$ 60 million, considering R$ 10 million estimated by the claimants and R$ 50 million related to the companies’ counterclaim.
The claim stems from the merger of BRF’s issued shares into Marfrig, approved at the extraordinary shareholders’ meetings held on August 5, 2025 and completed on September 22, 2025, with an exchange ratio of 0.8521 Marfrig share for each BRF share and the distribution of extraordinary dividends to shareholders who remained in the companies. The funds Nova Almeida Fundo de Investimento Financeiro Multimercado and Latache IV Fundo de Investimento Financeiro Multimercado Crédito Privado, then BRF shareholders who came to hold Marfrig shares after the transaction, allege conflicts of interest, lack of independence of the special committees and financial advisors, an exchange ratio unfavorable to BRF minority shareholders, and unequal treatment among shareholders.
The claimants request that the resolutions of the meetings that approved the transaction be declared invalid, with the unwinding of the closing acts, as well as an order for the companies to compensate alleged losses, to be determined at a later stage, and full reimbursement of arbitration costs and expenses, including arbitrators’ fees, experts’ and consultants’ fees, and contractual attorneys’ fees. Marfrig and BRF, in turn, defend the regularity of the transaction and state that there was an abuse of shareholder rights and of the right to litigate, requesting that the claims be denied, compensation for material and moral damages in an amount to be determined over the course of the arbitration, and an order for the claimants to pay all costs and expenses of the proceeding.
As the latest relevant development, the companies reported the execution of the Terms of Arbitration, with stabilization of the claim in accordance with CAM rules, and the issuance of Procedural Order No. 1 by the Arbitral Tribunal, which set the procedural timetable. No settlement has been reached between the parties so far, and Marfrig and BRF stated that they will keep the market informed of new developments in arbitration CAM 312/25.
