Smithfield makes offer to buy out Butterball partner
Decision to come by September
The largest turkey company in the U.S. could be under new majority ownership by September under an offer made by Smithfield Foods Inc., the world’s largest pork processor. According to a Bloomberg Businessweek report, Smithfield is offering $200 million to buy out Butterball’s venture partner.
The unidentified partner can accept the offer or buy Smithfield’s 49 percent stake in Butterball, according to Smithfield. The move would allow Smithfield to “build the Butterball brand” without limitations, according to a statement by company Chief Executive Officer C. Larry Pope.