Founding shareholders in Campofrío have sold a 3.2% stake in the leading Spanish meat processor.

Companies linked to Jose Maria and Carmen Ballve, of the Ballve family which founded the business and still controls it, recently sold 1.995% and 1.195% of Campofrío's shares, according to data registered with the National Securities Market Commission, reported Reuters.

Last week, US meat processor Smithfield Foods announced that it had purchased an additional 3,787,265 shares of Campofrío for approximately US$49m, increasing its stake in the Spanish pork processor to 22.4% from 15.2%.