Spain’s largest meat company Campofrío has entered into talks to merge with US pork company Smithfield’s European business, Groupe Smithfield.
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Groupe Smithfield is a 50-50 joint venture between Smithfield and investment fund Oaktree Capital Management.
Smithfield said today (25 June) that, were the merger to go ahead as it is currently being discussed, Campofrío would issue shares to Smithfield in exchange for all of the membership interests in Groupe Smithfield.
Campofrío is a publicly-traded company on the Spanish Stock Exchanges.
Smithfield, which holds a 24% stake in Campofrío, would hold 36% of the combined company. Campofrío said it would hold 51.5%.
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By GlobalDataThe companies have entered into a non-binding memorandum of understanding establishing the preliminary terms and conditions for a potential merger.
When contacted by just-food today, Smithfield declined to comment further on the negotiations. Campofrío was unavailable for comment as just-food went to press.
