US meat processor Smithfield Foods may be planning to acquire Hungarian meat processor Pick, according to a local media report.

Privately-owned Hungarian investment firm Arago Holding, which owns Pick, is looking for a strategic investor for the meat processor, the Hungarian News Digest said, citing a Hungarian media report.

The report said that Arago has been in discussions with Smithfield and that the US company may invest in Pick and may even be interested in buying the whole company.