USA: Investor group to acquire stake in ConAgra Meatpacking Unit
US food giant ConAgra Foods has sold a 54% stake in its meatpacking business to an investor group for a book value in excess of US$1.4bn, including US$950m in cash and equity, US$180m in debt and a US$250m line of credit. The second largest food group in the US, ConAgra is to retain the remaining minority stake in ConAgra Meats, which itself ranks as the third-largest slaughterer of hogs and the third-largest slaughterer of cattle in the US, and the largest beef processing company in the Pacific rim through its Brisbane, Australia-based Australia Meat Holdings unit.
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