Smithfield Foods, the largest shareholder of Spanish food group Campofrio, is mulling a bid for all the shares it does not already own, Reuters reported. Together, Smithfield and Campofrio chairman Pedro Ballve control just under 50% of the company, Reuters said. Campofrio’s other core shareholders include Los Angeles-based private equity firm Oaktree Capital, which owns about 24%.
(Reuters) – Spanish food group Campofrio’s largest shareholder Smithfield Foods and its chairman said on Wednesday they are mulling a bid for shares they do not already own in the company at 9.50 euros ($13.6) each.
Smithfield and Campofrio chairman Pedro Ballve, who control just under 50 percent of Campofrio between them, according to bourse regulator CNMV’s records, said any offer depends on approval by the meat producer’s shareholders and the CNMV.
Campofrio’s shares rose 4.14 percent to 8.56 euros each before trading was suspended ahead of the announcement. The suspension will be lifted at 1330 GMT.
Campofrio is a medium-sized cold meat producer with market capitalisation of 840 million euros ($1.20 billion), according to Thomson Reuters data.
Aside from Smithfield’s 37-percent stake and Ballve’s Carbal holding company, with 12.8 percent, Campofrio’s other core shareholder is Los Angeles-based private equity company Oaktree Capital [OAKCP.UL] with about 24 percent.
(Reporting by Jonathan Gleave; Editing by Louise Heavens)