SAO PAULO (Reuters) - Brazilian beef producer Marfrig Global Foods SA said on Friday it had bought almost a quarter of BRF SA’s outstanding shares and aimed to diversify its holdings rather than influence management.

Marfrig bought up the 24% stake in BRF, the world’s largest poultry exporter that also processes pork, spending what a source familiar with the matter said was about $800 million. The transaction comes almost two years after previous failed merger talks between the two companies.

But Marfrig said it would be only a passive investor with no representation on BRF’s board, and it took the stake to diversify its investments “in a segment which complements the sector where it does business.”

The two companies’ portfolios could be complementary if ever combined under one corporate roof given Marfrig’s focus on beef and BRF’s on poultry and pork.

Marfrig’s ability to buy a significant chunk in its larger competitor underlines the strength in its North American division, where consumer demand has been strong and cattle prices relatively low. This has bolstered its stock price relative to BRF, whose margins have been squeezed by its greater reliance on Brazil.