Smithfield Foods and Premium Standard Farms (PSF) have jointly announced that each has certified substantial compliance with the Antitrust Division of the US Department of Justice in response to its Request for Additional Information relating to Smithfield’s pending acquisition of PSF.
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Both companies received a request for further information from the Antitrust Division in November following concern that Smithfield’s proposed takeover of PSF would create a monopoly in the US pork sector.
Smithfield and PSF said they both remained hopeful that the Antitrust Division will complete its review in time for the PSF acquisition to close in the first calendar quarter of 2007. But the two companies have agreed to give the Antitrust Division 60 days from substantial compliance to review the transaction and an additional 30 days thereafter for review should it be necessary.
A special meeting of PSF’s stockholders called to vote on the merger is scheduled to take place on 23 February.
Smithfield, the leading processor and marketer of fresh pork and processed meats in the US, and PSF, which is the country’s second largest pork producer, announced their intention to merge in September 2006.
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