According to Sadia, Brazil’s second-largest food company, it is still interested in some sort of association with Perdigao, the company in the number-one position, but that will have to wait for the Sadia shareholders meeting in June. So said Sadia Chairman Luiz Furlan, after the company posted its first loss in its 64-year history.

“By June, there will be a conclusion,” Furlan reportedly said.

“The shareholders are seeking a bigger company that will value the strongest brand.”

Recently, Sadia stock reversed losses, rising 1.7% to 3.06 reais in Sao Paulo trading following reports Sadia shareholders were discussing a possible restructuring of the company.

Talks between the two companies, held in March, failed. There was a failure to finalize the merger due to differing opinions on how the two companies will handle the exchange of shares, said an article in O Globo. O Globo also reported Perdigao CEO Jose Antonio do Prado Fay denied the reported talks with Sadia.