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JV Partner To Buy Smithfield's Stake In Butterball Turkey

DOW JONES NEWSWIRES Smithfield Foods Inc. (SFD) will sell its 49% stake in the Butterball turkey business to joint venture partner Maxwell Farms, as widely expected, with the offer seen generating proceeds of about $175 million. Smithfield President and Chief Executive Larry Pope reiterated that the company's minority ownership position in Butterball didn't permit it to execute the growth strategy that it thought necessary "to fully develop the company to its potential." Smithfield in June said it had made an offer to purchase Maxwell Farms' 51% stake in Butterball and related turkey production assets for about $200 million. Under the partners' agreement, Smithfield said, Maxwell Farms could either accept the offer to sell or be required to purchase Smithfield's 49% interest and its related turkey production assets. The world's largest pork processor and hog producer plans to put the sale's proceeds toward shedding debt. Smithfield on Wednesday reported it rebounded from a prior-year loss in its fiscal first quarter with a boost from higher prices, though revenue missed analysts' expectations. Looking ahead, Smithfield is poised to benefit from reduced total meat output, significantly smaller frozen stocks of animal proteins held in the nation's warehouses and continued strong exports. Pope also said then that the company expected Maxwell to buy the Butterball stake. Smithfield shares were down 11 cents in recent trading at $16.82. The stock is up 11% this year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Smithfield (SFD)
DateTimeHeadline
09/20/201310:20:17Starboard Changes Position on Smithfield Deal
09/12/201309:40:13ISS Recommends Smithfield Give Nod to Shuanghui Deal
09/06/201309:50:03Smithfield Foods Net Drops 36% on Weak Exports
09/05/201313:30:10Trader Settles Smithfield Insider Case for $5.2 Million
09/03/201311:30:10Smithfield Holder Says Buyers Seek Parts of Company
07/24/201313:20:16Smithfield Deal Review Extended
07/22/201311:44:31Large Loans Are Highlight of Mediocre Asian Deal Environment
07/15/201309:16:38U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/12/201317:00:09Starboard Pushes for Alternative Smithfield Deal
07/10/201316:30:22Smithfield CEO Pope Defends Proposed Takeover
06/19/201319:30:13Smithfield Bid for Canada's Maple Leaf Foods in March
06/19/201318:40:28Goldman Lost Deal Role Due to Stake in Shuanghui
06/18/201321:00:26Smithfield CEO Could Get $46 Million
06/17/201317:40:10Smithfield to Review Letter From Starboard
06/14/201319:34:16MARKET SNAPSHOT: U.S. Stocks Fall For Third Week In Four Before...
06/14/201315:29:17MARKET SNAPSHOT: Stocks On Track For Weekly Hit; Fed In Mind
06/14/201313:53:16MARKET SNAPSHOT: U.S. Stocks Retreat After Weak Economic Data
06/14/201312:02:53MARKET SNAPSHOT: U.S. Stocks Lower; Weekly Losses In View
06/14/201311:32:09MARKET SNAPSHOT: U.S. Stocks Turn Decisively Lower; Data Weak
06/14/201311:27:27MARKET SNAPSHOT: U.S. Stocks Flip-flop; Consumer Confidence Ahead

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