San Miguel said today (5 December) that it has sold 49% of its Vietnamese hogs and feed business to Hormel Foods.

In a statement to the stock exchange, the Philippines-based food and beverage company said the stake was valued at US$20.48m.

"San Miguel Corporation entered into a joint venture with Hormel Foods Corporation in the feeds and hogs business in Vietnam," San Miguel said.

In the Philippines, Hormel and San Miguel have worked together in the processed meats business Purefoods Hormel.