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Minerva on course to sell China US$600 mln worth of beef
Release time:2018-11-27
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Brazilian food company Minerva SA has reached preliminary agreements to sell frozen beef to six Chinese companies, including e-commerce company Alibaba Group Holding Ltd, over five years, Reuters reports.

The news agency quotes Athena Foods chief executive Iain Mars as saying he expects the deals to earn US$600 million for Minerva, which Athena Foods is a part of.

Mr Mars said the preliminary agreements had been signed at a trade fair in Shanghai this month.

He said Minerva slaughterhouses in Brazil, Argentina and Uruguay would supply the beef.

The Athena Foods boss is quoted as saying representatives of Alibaba and Minerva will meet next week to work out the details of their particular deal.

This month Alibaba struck a similar deal with another Brazilian company, JBS SA, Reuters says.