Leading U.S. pork producer Smithfield Food Inc. announced this week that it was planning to acquire the remaining stake of about 50% of Campofrio Food Group SA, the largest processed meats company in Spain.
According to media reports Campofrios Chairman Pedro Ballve evaluates a joint bid to buy shares for 9.50 Euro each. The investment would cost about 500 million euros. Currently Smithfield owns about 37% of Campofrio Food. The merger is expected to close in Smithfield's third fiscal quarter.