The case deals with the real process of merging two major Brazilian food companies – Sadia and Perdigão – with the creation of Brazil Foods (BRF). The text is divided into three time horizons. Initially, there is a brief history of companies and the context before they merge, including the analysis of the financial crisis in Sadia in 2008, due to risky strategies with the use of financial derivatives. The main implications and the implementation of the partnership between businesses are set out below. Years after the establishment of the BRF, the reader is invited to review the financial performance of BRF. In this way, the aim of the case is for students to analyse the process of merging Sadia and Perdigão, from a financial point of view, as well as their breakdowns, with the creation of BRF. The didactic emphasis relates to the analysis of the types of risk involved in the merger process, corporate governance mechanisms and post-fusion performance analysis, using economic and financial indicators and stock analysis. The case can be used for graduate and postgraduate courses in finance disciplines.