July 31, 2008

Campofrio sells Russian unit to buy Groupe Smithfield

Spanish food company Campofrio Alimentacion SA (CPF.MC) said early Thursday (July 31, 2008) it has agreed to sell its Russian unit Campomos to Finland's Atria Oyj for EUR75 million.

In a filing to the Spanish market regulator, the company said the sale is still subject to the approval of Russian antitrust authorities.

Campomos is Russia's fifth largest company in the sector in terms of market share, and its sales represent 8 percent of the group's total revenue.

The sale will allow Campofrio to focus on its recently announced takeover of Groupe Smithfield Holdings, the European unit of Smithfield Foods Inc. (SFD) of the US.