SMITHFIELD, Va. (AP) -- Pork producer Smithfield Foods Inc. said Wednesday it completed the merger of its European subsidiary and Campofrio Alimentacion SA, the largest processed meats company in Spain.
The combination of Campofrio and Groupe Smithfield Holdings SL will be called Campofrio Food Group, Smithfield said.
Smithfield now owns 37 percent of the new company. Before the merger, the company already had owned 24 percent of Campofrio. Oaktree Capital Management, which runs Smithfield Holdings as a joint venture with Smithfield Foods, now has a 24 percent stake.
The company added that 16 percent of the new company's shares will be held by the public. Campofrio Food Group will have sales of at least $3 billion, the companies said when announcing the original deal in June.