US pork producer Smithfield Foods has announced that it was the successful bidder at an auction to acquire Farmland Foods, the pork production and processing business of bankrupt Farmland Industries, for US$367.4m in cash. Smithfield said it will also assume certain Farmland liabilities, including the pension obligations, and associated assets, of both Farmland Foods and Farmland Industries, as well as certain post petition liabilities. Smithfield's agreement to assume the pension obligations was valued at $90m by the debtor.