Smithfield Foods, Cargill Outbids bankruptcy of Kansas City for pork-processor.
Smithfield Foods has expressed its readiness to buy Farmland Foods, the transformation of the pork business of Farmland Industries, for $ 367.4 million in cash and the acquisition of $ 90 million of debt.
In an auction Sunday, Virginia-based Smithfield, the country with the largest pork processor outbid competitors Cargill Inc., Minneapolis, previously proposed a deal, worth $ 385 million.
The cash portion of Smithfield offer was only $ 3.9 million more than the initial offer of $ 363.5 million in July. As part of the agreement Smithfield, the resumption of pension obligations in bankruptcy of the cooperative Kansas City, not only for Farmland Foods Division.
Taking the pension business is business plans for a value estimated at $ 480 million to the estate in bankruptcy, agricultural areas, officials said. Reversing the company pension plans would have resulted in substantial additional costs for bankruptcy.
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