Virginia-based Smithfield Foods is in talks to acquire a stake in meat producer, Campofrio Food Group, The Wall Street Journal reports. The company may offer a bid of $13.59 totaling about $700 million, for the 50% stake.
Smithfield Foods is already a major shareholder in the Spanish company with a 37% stake. Smithfield is planning to partly fund the takeover from existing liquidity and capital-markets financings.
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