Minerva has fulfilled the agreement signed with the Commission for the Promotion and Defense of Competition (Coprodec) and sold Establecimientos Colonia to the Indian group Allana for US$ 48 million, according to a document sent to the stock market last Friday. According to the company, the operation is part of a counterproposal related to the purchase of the San José and Salto plants, but it was conditioned on the immediate resale of the Colonia facility to Allana, reported Money Times.
“The company reiterates its commitment to keeping shareholders and the market informed of relevant developments related to the matters addressed herein, particularly regarding the progress of the Uruguay Operation,” the company stated.
In August 2023, Minerva signed an agreement with Marfrig to acquire three plants in Uruguay (San José-Inaler, Salto-La Caballada, and Colonia), as part of a larger transaction involving 16 plants across South America. In May 2024, Coprodec blocked the deal, citing risks of excessive market concentration. In February, Minerva submitted a revised proposal that included the immediate sale of the Colonia plant to the Allana Group to comply with competition requirements.
