New York, June 24, 2008—Shearman & Sterling represented Marfrig Frigorificos e Comércio de Alimentos S.A. (Marfrig) in its agreement to acquire the Brazilian and European operations of the OSI Group, which include beef, pork and poultry processing and supply businesses generating approximately $2 billion in annual revenues. The transaction is expected to close in the second half of 2008, subject to certain regulatory approvals, confirmatory due diligence and other closing conditions. Marfrig has agreed to pay approximately $900 million to OSI, subject to certain purchase price adjustments and assuming all future contingent payout thresholds are achieved.

Marfrig Group is one of the largest producers of beef and beef by-products in South America, and it produces and distributes fresh, frozen and processed beef products to customers in Brazil and abroad. OSI Group is a world leader in providing quality products and custom solutions for the food industry, with 77 processing facilities and 19,000 employees worldwide.