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Smithfield Foods to sell under 5% of stock to China firm

TEL AVIV (MarketWatch) — Smithfield Foods Inc., the Smithfield, Va., pork-processing giant, said late on Monday that it agreed to sell 7 million, or just under 5%, of its common shares to Cofco Ltd., which it called China’s largest national agricultural-trading and -processing company. Smithfield also said it would offer $350 million of senior notes due 2013 to the public. And it said the underwriters would have an option on as much as $50 million more of the notes if demand required. Smithfield said it would price the shares when it prices the notes, which will be convertible into cash or cash and shares. Citi, Goldman Sachs and J.P. Morgan Chase are joint book-running managers for the note offering. “China is experiencing rapid growth in pork consumption and consumes more pork than the rest of the world combined,” said C. Larry Pope, Smithfield’s president and chief executive officer, in […]

Original post by Forextvblog

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