Brasil Foods to sell Excelsior stake-statement

Processed foods maker Brasil Foods (BRFS3.SA) will sell all of its stake in the smaller Excelsior Alimentos as part of a deal with Brazilian antitrust regulator Cade, Excelsior said in a statement on Thursday.

While the Cade deal saved the 2009 merger of Sadia and Perdigao, which created Brasil Foods, the antitrust regulator imposed restrictions, including the sale of some assets and brands. Cade had threatened to derail the merger, citing Brasil Foods’ dominance in several markets. [ID:nN1E76C0E5]

Under the antitrust deal’s terms, “Sadia will present to Cade by March 13, 2012, a binding document signed by a potential buyer of the company,” Excelsior said in the statement.

The sale will include both tangible and intangible Excelsior assets. Excelsior, which has operations in the south of Brazil, makes frozen food, sausages and other products. The company posted a net profit of 300,000 reais ($192,148) in the first quarter, compared with a loss of 897,000 reais in the year-ago period. ($1=1.5613)