Moody's lifts Sadia view to stable

Moody's Investors Service said it affirmed the Ba2 global local currency scale corporate family rating of Sadia SA and changed the outlook to stable from developing following the company's announcement to definitively revoke its tender offer for the acquisition of more than 50% of Perdigão SA's shares.

On July 17, Sadia announced a tender offer for the acquisition of at least 50% plus one share and up to 100% of the shares of Perdigão, one of Brazil's largest animal protein companies.

On July 20, Sadia's management announced its decision to definitively revoke its tender offer for Perdigão's shares after Perdigão rejected both Sadia's original offer of R$27.88 per Perdigão share and its subsequent increased counter-offer of R$29 per share.

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