Smithfield Foods Confirms Discussions to Acquire Controlling Interest in Campofrio Food Group for €9.5 per Share

Smithfield Foods, Inc.

confirmed today that the company and Pedro Ballve are currently evaluating a joint de-listing takeover bid to acquire the remaining approximate 50 percent of Campofrio Food Group, S.A. for €9.5 per share. Mr. Ballve is the current chairman of Campofrio. The acquisition would give Smithfield 87.6 percent controlling interest in Campofrío, Europe's leading packaged meats company. Smithfield currently owns 37 percent of Campofrio.