Smithfield and Campofrio agree to merge

by Editor
Thursday, April 07, 2011

 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.