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on April 7, 2011

Smithfield Foods in talks to buy Campofrio Food Group

Company looking to gain controlling interest in group

Pork processor and hog producer Smithfield Foods Inc. is in talks to buy a controlling interest in Spain-based packaged meats company Campofrio Food Group SA for €9.5 (US$13.62) per share.

Smithfield, which currently owns 37% of Campofrio, and Campofrio Chairman Pedro Ballve are considering a takeover bid for an approximately 50% stake in the company. No financing arrangements have been finalized, but Smithfield has said that it expects the estimated €500 million (US$716.7 million) needed for the offer would be provided through a combination of existing liquidity and capital market financings.

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