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Smithfield says COFCO to take 5 pct stake in co

Mon Jun 30, 2008 8:19pm EDT

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NEW YORK, June 30 (Reuters) - U.S. pork producer Smithfield Foods Inc (SFD.N) said on Monday that COFCO Limited, China's largest national agricultural trading and processing company, will buy a nearly 5 percent stake in the company.

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Smithfield said COFCO will purchase 7 million shares, or 4.95 percent, of Smithfield's common stock.

Smithfield said the purchase price will be equal to the closing price of its common stock on the day its offering of $350 million convertible senior notes due 2013 is priced. (Reporting by Nicole Maestri; Editing by Braden Reddall)

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