Minerva Equity Offering

Davis Polk advised the joint bookrunners in connection with the equity offering by Minerva S.A. and VDQ Holdings S.A., a shareholder of Minerva, of common shares of Minerva for an aggregate amount of R$1.235 billion (approximately $293.3 million). The common shares trade on the São Paulo Stock Exchange. Securities in the international offering were placed under Rule 144A and Regulation S.

Minerva is a leading Brazilian producers of fresh and frozen beef, industrialized protein products (including beef, pork and poultry), live cattle and cattle by-products (including treated leather and offal), as well as a leading exporter of beef in South America.

The Davis Polk corporate team included Manuel Garciadiaz and Drew Glover. The tax team included Po Sit and Eitan Ulmer. Members of the Davis Polk team are based in the São Paulo, New York and Northern California offices.