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SMITHFIELD, Va. – Smithfield Foods Inc. announced last week that China National Cereals, Oils & Foodstuffs Import & Export Corporation (COFCO) will buy 4.95 percent of Smithfield common stock.
COFCO, a major importer and exporter of food in China and owned by the Chinese government, will purchase about 7,000,000 common stock shares of the American pork producer.