Pension fund Previ sells stake in Brazil's BRF ahead of Marfrig deal

Brazilian pension fund Previ said on Monday it sold its minority stake in Brazilian meat processor BRF BRFS3 for 1.9 billion reais ($340.31 million), ending a 31-year investment in the group, according to a statement on its website.

Previ, which represents workers from state-run lender Banco do Brasil BBAS3, said the move aims to avoid potential negative impacts from the ongoing merger between BRF and Marfrig MRFG3. The pension fund added it will use the resources to buy long-term local bonds from the Brazilian government.

($1 = 5.5832 reais)