China’s Shuanghui, now parent company to Smithfield Foods, plans to make a counterbid for Spanish meat processing company Campofrio. Campofrio is currently the target of a takeover by Mexican frozen food company Sigma Alimentos which offered a bid of €6.8 per share placing the value of the company at $943 million. Upon its purchase of Smithfield Foods for $4.7 billion earlier this year Shuanghui inherited a 37% stake in Campofrio. Upon signing an $8 billion line of credit with the Bank of China to finance international expansion, Shuanghui scraped its original plan to sell down its stake in Campofrio and now plans to fight for control of the company.
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