Global Processing

Smithfield completes deal with Spanish meat maker

December 22, 2008
The Associated Press reports that Smithfield Foods Inc. has completed the merger of its European subsidiary and Campofrio Alimentacion SA, the largest processed meats company in Spain. The combination of Campofrio and Groupe Smithfield Holdings SL will be called Campofrio Food Group. Smithfield now owns 37 percent of the new company. Before the merger, the company already had owned 24 percent of Campofrio. Oaktree Capital Management, which runs Smithfield Holdings as a joint venture with Smithfield Foods, now has a 24 percent stake. The company also said that 16 percent of the new company''s shares will be held by the public.