Smithfield, American End Acquisition Talks
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No. 1 pork processor Smithfield Foods Inc. and meatpacker American Foods Group Inc. said they have ended discussions for Smithfield’s planned acquisition of American Foods.
The companies announced on Nov. 1 an agreement in principle for the deal, which would have aided Smithfield’s expansion into the beef business. Financial terms were not disclosed.
A source familiar with the negotiations said the two sides could not agree on a price for American Foods. The companies did not say why talks were terminated.
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