Sigma and Shuanghui Bid to Buy Campofrio27 December 2013
GLOBAL - Mexican food processor Sigma Alimentos and Shuanghui International Holdings, which owns Smithfield Foods are reported to be joining together to acquire Spain’s Campofrio Food Group.
According to a report in Food Business News the offer two companies are offering €6.90 ($9.45) per share of Campofrio making a total investment of about €700 million ($958 million).
The two companies currently own approximately 82 per cent of Campofrio.
Through its acquisition of Smithfield Foods, Inc. on Sept. 26, 2013, Shuanghui International indirectly acquired 37 per cent of the company.
Sigma has acquired about 45 per cent of Campofrio since November.
Campofrio is one of the largest meat processors in Europe with sales of €1.9 billion and eight interdependent companies in France, Spain, Germany, Italy, Belgium, Portugal, The Netherlands, the United States and a joint venture with Caroli Foods in Romania.
TheMeatSite News Desk