
Trump's Tariffs Upend Brazil's Presidential Politics
Brazil holds an unusual position in President Donald Trump's trade war because his complaints are more political than economic. Bureau chief Vanessa Dezem writes today about how the US intervention has so far strengthened the position of the current government. Plus: A plot to kill a weapons maker, a potential rift in the Republican coalition and a surprising market surge for Israel.
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BRF's Saudi investor says it has no influence on management
By Ana Mano SAO PAULO (Reuters) -SALIC International Investment Company, a wholly-owned subsidiary of Saudi Agricultural and Livestock Investment Company, told Brazilian competition authorities on Wednesday it is a passive minority shareholder in rival food producers BRF and Minerva. SIIC, which owns 11.03% of BRF and 24.49% of Minerva, said "it does not hold any political rights that would allow it to interfere with or influence the independence and normal course of business and management of BRF and Minerva." The Saudi investor's clarification comes after a formal information request made by Brazil's antitrust watchdog CADE regarding the proposed takeover of BRF by Marfrig. The deal was approved by the minority shareholders of both companies on Tuesday. The Saudi investor abstained from voting and did not participate in the merger discussions of BRF and Marfrig, according to CADE's disclosures. Separately, CADE cleared the proposed transaction in early June. But CADE's nod was later challenged by Minerva, which asked it to scrutinize the deal more closely. Minerva claimed the merger would involve the transfer of BRF's current shareholders, including SALIC, to Marfrig's shareholding structure through a share swap. Minerva said if the transaction went ahead, the Saudi investor would gain influence over the business decisions of three competitors: Minerva, Marfrig, and BRF. BRF and Marfrig did not comment. CADE responded to Minerva by agreeing with a more prolonged merger review, according to a public decision on Monday. "The alleged facts, if proven, may indicate a possible alignment of interests and exchange of sensitive information between ... competitors," CADE's general superintendent wrote. That decision must be confirmed by a virtual CADE panel on August 11. By law, CADE has a 240-day deadline to investigate complex mergers, extendable by 90 days. If approved, Marfrig and BRF will create another global Brazilian food processor, with factories across the Americas, the Middle East and Asia. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Firefly Aerospace to price US IPO as it sets sights on a positive liftoff
By Pritam Biswas and Arasu Kannagi Basil (Reuters) -Northrop Grumman-backed Firefly Aerospace, the buzzy space technology startup that put a lander on the moon, is set to price its U.S. IPO later on Wednesday. In a nascent but rapidly growing commercial space industry, Firefly's IPO has attracted investor attention because it successfully landed its uncrewed Blue Ghost spacecraft on the moon in its first attempt in March. Cedar Park, Texas-based Firefly Aerospace is set to sell 16.2 million shares of its stock, priced between $41 and $43 apiece. This range was raised earlier this week, signaling strong demand. U.S. President Donald Trump's focus on commercializing space technology and safeguarding the national interests in space has attracted venture capital firms and billionaires. Elon Musk's SpaceX — the most valuable private company in the world — has become a critical part of the U.S. satellite network, even prompting a need across the government to look for more contractors. The U.S. government is betting that diversifying its contractor base will foster innovation and cut the huge costs of sending rockets to space, as well as reduce over-reliance on a single provider for critical missions. NASA's procurement process now includes new entrants such as Firefly Aerospace and Sierra Space, alongside legacy companies, leveraging commercial partnerships for lunar landers, space station modules and cargo deliveries. While space-related IPOs have been scarce in recent years, the tide is starting to turn in 2025. Firefly's listing comes on the heels of the successful New York flotations of space and defense firms Karman, AIRO Group and Voyager. As of Tuesday's close, shares of Karman have more than doubled from their offer price, while Voyager has gained 10%. "Given Firefly and the success of Voyager, I think you are going to see several more space-related companies test the waters of a public offering," said Ross Carmel, partner at law firm Sichenzia Ross Ference Carmel. TO THE MOON Formed in 2017, Firefly designs and manufactures small- to medium-lift launch vehicles, lunar landers and orbital vehicles. It had a backlog of roughly $1.1 billion and over 30 planned launches under contract as of March 31. While Houston-based Intuitive Machines' Odysseus lander was the first private lander to reach the moon last year, it made a lopsided touchdown, landing mostly intact but dooming many of its onboard instruments. Firefly's was the second, but its Blue Ghost spacecraft landed safely, reaching the moon's surface a month and a half after launching atop a SpaceX rocket from NASA's Kennedy Space Center in Florida. Last month, Firefly secured a $176.7 million contract to deliver five NASA payloads to the Moon's South Pole in 2029. Firefly was valued at more than $2 billion in a 2024 funding round. The company's backers include aerospace-focused private investment firm AE Industrial Partners. U.S. defense contractor Northrop Grumman, which invested $50 million into Firefly to aid the production of their jointly developed rocket, is one of three suppliers of solid rocket motors (SRMs) to the United States. Firefly is expected to begin trading on the Nasdaq under the ticker symbol "FLY" on Thursday.
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Novo Nordisk Ramps Up U.S. Legal Fight Over Wegovy, Ozempic Copies
Novo Nordisk (NOVO, Financials) expanded its U.S. legal campaign against makers of unapproved versions of semaglutide the active ingredient in its blockbuster weight?loss and diabetes drugs Wegovy and Ozempic. The Danish drugmaker said Tuesday it filed 14 new lawsuits; the targets include telehealth providers, compounding pharmacies, and medical spas accused of selling compounded semaglutide under the fake guise of personalization. Warning! GuruFocus has detected 1 Warning Sign with NVO. The suits name firms such as Prism Aesthetics, Mochi Health, and Fella Health; some have also appeared in Eli Lilly's (LLY, Financials) litigation over knockoff versions of its weight?loss drug Zepbound. Novo claims the defendants are steering patients toward compounded semaglutide that has not been approved by regulators; in some cases, the products allegedly contain illicit foreign?sourced active pharmaceutical ingredients. Compounders were temporarily allowed to produce semaglutide during a declared shortage; when the U.S. Food and Drug Administration ended that allowance, some companies shifted to offering personalized versions outside the approved drug label. Novo argues the approach violates state laws on corporate practice of medicine; it also raises safety concerns, as the copies have not been proven effective. Industry groups pushed back; Scott Brunner, CEO of the Alliance for Pharmacy Compounding, said Novo's claims misrepresent the work of legitimate, state?licensed pharmacies. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data