Smithfield Foods is in talks to takeover Campofrio Food
2011-04-07 18:05:50
The large US pork producer and processor is in talks with Pedro Ballve evaluating a joint de-listing takeover bid to acquire the remaining approximate 50% of Campofrio Food Group S.A. for €9.5 (US$13.60) per share. If a deal is reached, the acquisition would give Smithfield 87.6% controlling interest in Campofrío, Europe's leading packaged meats company. Smithfield currently owns 37% of Campofrio, which reported revenues of €1.83 billion (US$2.62 billion) in 2010. "The acquisition of Campofrio would further Smithfield's long-term strategy of becoming a leading global consumer packaged meats company," said C. Larry Pope, Smithfield president and CEO. "In addition, we are assessing potential synergies relating to sales, operations and raw materials with both our US and international businesses.”