(Removes incorrect stock code for Shuanghui in first paragraph)
MADRID Nov 27 China's Shuanghui International
Holdings plans to launch a counterbid for Spanish meat processor
Campofrio, newspaper El Mundo said on Wednesday, citing
sources close to a major financing deal for the Chinese group.
Campofrio, a household name in Spain whose products include
hot dogs and canned ham, is the target of a 6.8 euros-per-share
takeover offer from Mexican frozen food company Sigma
Alimentos, valuing the company at 695 million euros
Shuanghui inherited a 37 percent stake in Campofrio when it
bought U.S. pork producer Smithfield Foods for $4.7 billion
earlier this year.
It said in September it planned to reduce the holding to
less than 30 percent by December, below the threshold which
would require it to make a full takeover bid under Spanish
market rules, and giving it time to consider its options.
However, after signing an $8 billion credit line with the
Bank of China on Wednesday to finance its international
expansion, Spanish daily El Mundo said Shuanghui now plans to
fight for control of Campofrio.
Shares in Campofrio closed on Wednesday up 0.14 percent at
($1 = 0.7367 euros)
(Reporting by Tracy Rucinski; Editing by Greg Mahlich)