According to Bloomberg, Shuanghui International Holdings Ltd., the Chinese company that bought the world’s biggest pork supplier this year, will join Alfa SAB (ALFAA)’s Sigma Alimentos food unit in a raised bid for Spain’s Campofrio Food Group SA (CFG).
Shuanghui, based in Hong Kong, and Mexico’s Sigma will increase the bid for Campofrio to €6.90/share from €6.80, the companies said in a joint statement. That values the company at about €705 million ($966 million). Sigma and Shuanghui plan to delist Campofrio after the transaction.
Shuanghui will indirectly hold its 37% stake in Campofrio after the offer, and Sigma Alimentos, Mexico’s largest processed-meats producer, will indirectly hold its own 45% stake plus shares acquired in the bid. Last month, Sigma Alimentos offered €6.80/share for Madrid, Spain-based sausage maker Campofrio.