China's Shuanghui International Holdings Ltd. inherited a 37 percent stake in Campofrío, a Spanish packaged meats company by buying Smithfield Foods. Shuanghui is reducing its stake in Campofrío to below 30 percent to avoid a takeover bid under Spanish law, according to a press release. 


Pedro Ballvé, Chairmain of Campofrío Food Group, commented:  "Campofrío Food Group has long benefited from its relationship with Smithfield and now, as a result of Shuanghui's entrance into Smithfield, we look forward to the opportunity to benefit from this new association. China is the largest and fastest growing pork meat market in the world and therefore has been, and even now, will more likely be an important growth opportunity for Campofrío."