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Smithfield said Monday that it agreed tocombine , its 50/5o0 joint venture with funds controlled by LLC, with Campofrio, the largesr processed meats company in Spain. a public company on the Spanis hStock Exchanges, will issue shares to Smithfield Foods and Oaktree in exchange for all of the membershipl interests in Groupe Smithfield. Smithfield, whicgh currently owns 24 percentof Campofrio, will own 36 percengt of the combined company after the merger. The Smithfield, Va.
-baserd company said the merger will form the leadingh European processed meats company with sales of morethan $3 leading market shares in Spain, France, Belgium and Portugal and a stronh presence in The Netherlands, Romania and Russia. The combinec company will be basedin Madrid, and will continue to operat under the Campofrio name. Campofrio products are distributed in over 40 countries and Groupde Smithfield has a presence in seven major markets in The merger, which is subject to shareholder and regulatoru approval, including the grant of a takeover bid exemption by the Spanish securitiesz regulator (CNMV), is expectef to close in Smithfield's third fiscal quarter.
Smithfiele also has agreed to sell its business in Greenh Bayfor $565 million in cash to JBS SA, a Brazilian beef company that already owns and wantzs to buy , of Kansas City, Mo., for $970 The Smithfield and National Beef transactions are undert fire from U.S. Sen. Herb Kohl (D-Wis), chairman of the Senater Subcommitteeon Antitrust, Competition Policy and Consumer Rights. In a letteer he sent to the U.S. Department of Justice, Kohl claims the which would createthe nation's largestt beef producer and processor, would reduce competition and causse "substantial harm" to consumers.
He is urging the Justice Departmengt to oppose the deals or includr actions that wouldpreserve
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