Smithfield Wins Bid for Farmland Unit
- Share via
Smithfield Foods Inc. said it won an auction for Farmland Industries Inc.’s pork business.
As part of the deal, Smithfield, based in Smithfield, Va., would pay $367.4 million in cash for almost all the assets of the Kansas City, Mo., company’s pork division, Farmland Foods.
Smithfield also would assume $90 million in pension obligations, boosting the value of the transaction to $457.4 million.
Smithfield rival Cargill Inc. of Minnetonka, Minn., essentially matched but would not top Smithfield’s final bid, a Cargill spokesman said.
Shares of Smithfield rose $1.64, or 8.5%, to $20.85 on the New York Stock Exchange.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
