Mexican-Chinese duo up stake in Spanish meat firm Campofrio to 97 pct

MADRID, June 9 Mon Jun 9, 2014 10:21am EDT

Related Topics

MADRID, June 9 (Reuters) - Mexican frozen food company Sigma Alimentos and Chinese pork producer WH Group have raised their joint stake in Spanish meat processor Campofrio to 97 percent under a tender offer launched last month, a regulatory filing showed.

Sigma, owned by conglomerate Alfa SAB, and WH Group, previously known as Shuanghai International Holdings and which recently called off its Hong Kong flotation, are among a wave of foreign investors showing increased interest in Spain as an economic recovery takes hold.

The Mexican-Chinese duo agreed to join up their stakes and share ownership of Campofrio at the end of last year, in a deal which valued the company at 700 million euros ($953 million), then launched a 6.9 euros per share bid for the remaining stock.

The companies spent over 90 million euros on buying up the further 13.15 percent of Campofrio in an offer than expired at the end of last week. Campofrio will eventually be delisted from the Madrid exchange.

Latin American investors have bought into several Spanish banks, such as Popular and Sabadell, while prominent U.S. fund managers, including billionaire George Soros, have backed some real estate ventures.

Shares of Campofrio were unchanged at 6.90 euros by 1358 GMT on Monday, in line with the offer price. The stock remains well below a peak of 25.36 euros set in 1998. ($1 = 0.7345 Euros) (Reporting by Robert Hetz; Writing by Sarah White; Editing by David Holmes)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.