Key Developments: Smithfield Foods Inc (SFD)
25.79USD
21 May 2013
$0.20 (+0.78%)
$25.82
$25.57
$25.91
$25.25
2,301,272
2,385,210
$27.33
$17.55
Latest Key Developments (Source: Significant Developments)
Smithfield Foods Inc To Form Joint Venture With Kansas City Sausage Company
Smithfield Foods Inc announced that it has signed a non-binding letter of intent to form a 50/50 joint venture with Kansas City Sausage Company, LLC, including its sister company, Pine Ridge Farms, LLC. The transaction will be funded with cash on hand and is expected to close in the fourth quarter of fiscal 2013, subject to customary closing conditions, including regulatory approvals. Terms of the letter of intent were not disclosed. Smithfield expects the transaction to be immediately accretive to earnings. Full Article
Smithfield Foods Inc Announces Repurchase Of COFCO Shares
Smithfield Foods Inc announced that it has purchased 7.0 million shares of its common stock from COFCO Corporation, China's largest national agricultural trading and processing company. The purchase was made pursuant to Smithfield's previously announced share repurchase program. The aggregate value of the purchase was approximately $148 million, or $21.12 per share, and represents the entirety of COFCO's previously held position that was established in July 2008. Full Article
Smithfield Foods, Inc. Announces Commencement Of $650 Million Senior Notes Offering
Smithfield Foods, Inc. announced that it is initiating an underwritten public offering, subject to market and other conditions, of $650 million aggregate principal amount of senior notes due 2022 in a registered underwritten public offering. The Company intends to use the net proceeds of this offering, together with available cash and borrowings under its accounts receivable securitization facility, to finance a tender offer to repurchase any and all of its outstanding 10% Senior Secured Notes due 2014 and 7.75% Senior Notes due 2013, including the payment of all accrued and unpaid interest payable and any applicable premium with respect to the notes purchased in the tender offer, as well as any related fees and expenses. This refinancing will reduce interest expense and, upon the repayment in full of all of the 10% Senior Secured Notes due 2014, any collateral currently securing such notes on a first-priority basis will be released. Barclays Capital Inc. and Goldman, Sachs & Co. are serving as joint book-running managers for the offering. Full Article
Charoen Pokphand Group Eyes Stakes In Smithfield Foods, Inc., Carrefour SA-DJ
Dow Jones reported that Charoen Pokphand Group is looking to invest in several foreign firms, including Smithfield Foods, Inc. and Carrefour SA, the Bangkok Post reported. The weak economic conditions in Europe and the U.S. have depressed the share prices of many companies to levels that are very attractive to potential outside investors. Full Article
Smithfield Foods, Inc. Authorizes New $250 Million Share Repurchase Program
Smithfield Foods, Inc. announced that after nearly exhausting previous share repurchase authorization totaling $250 million, Smithfield Foods announced that Board of Directors has approved a new share repurchase program allowing the Company to buy up to an additional $250 million of its common stock over the next 24 months. The Company intends to fund share repurchases from cash on hand. The new authorization is in addition to the previous share repurchase program. Share repurchases may be made on the open market, or in privately negotiated transactions. The number of shares repurchased, and the timing of any buybacks, will depend on corporate cash balances, business and economic conditions, and other factors, including investment opportunities. The program may be discontinued at any time. Full Article
Smithfield Foods, Inc. Authorizes New Share Repurchase Program
Smithfield Foods, Inc. announced that its Board OF Directors has approved a share repurchase program authorizing the Company to buy up to $150 million of its common stock over the next 24 months. The Company intends to fund share repurchases from cash on hand. The new authorization replaces a previous share repurchase program. Share repurchases may be made on the open market, or in privately negotiated transactions. The number of shares repurchased, and the timing of any buybacks, will depend on corporate cash balances, business and economic conditions, and other factors, including investment opportunities. The program may be discontinued at any time. Full Article
Smithfield Foods, Inc. Secures New $1.2 Billion Credit Line And Extends $200 Million Term Loan
Smithfield Foods, Inc. announced that it has entered into new revolving credit facilities totaling $1.2 billion with Rabobank Nederland, New York Branch, as administrative agent. The new credit facilities replace the company's previous $1.0 billion revolving credit facility and include an option, subject to certain conditions, to increase available commitments to $1.5 billion in the future. The new credit facilities are comprised of a $925 million asset-based revolving credit facility and a $275 million accounts receivable securitization facility scheduled to mature in June 2016, and June 2014, respectively. The company has also extended its $200 million term loan with Rabobank Nederland, which was previously scheduled to mature in August 2013, out to June 2016. Full Article
Smithfield Foods Inc Withdraws Its Offer to Acquire Controlling Interests in Campofrio Food Group SA
Campofrio Food Group SA (Campofrio) announced that Smithfield Foods Inc (Smithfield Foods) has decided to withdrawn the offer to acquire a controlling stake in Campofrio, due to the adverse economical situation in Europe, as well as there has been a decline on the price of Smithfield Foods’ shares. It was also announced that Smithfield Foods will remain committed to maintain its 37% stake in Campofrio. Full Article
Half of Smithfield's U.S. pork will soon be off ractopamine -CEO
May 14 - Smithfield Foods Inc, the world's largest pork producer, said on Tuesday it will soon raise half of its hogs on feed that does not contain the additive ractopamine, a lean muscle promoting drug that has been banned in China and Russia.
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