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S&P: Smithfield Foods, ConAgra Foods unaffected
Standard & Poor's said that there would not be any effect on the ratings or outlook of both Smithfield Foods Inc. (BB+/stable) or ConAgra Foods Inc. (BBB+/negative) following the announcement that the companies had signed a definitive agreement for Smithfield Foods to acquire substantially all of the assets of the Cook's ham business from ConAgra Foods.
The agency said Cook's has annual sales of about $330 million and added that terms of the deal were not publicly disclosed.
S&P said it believes this is a strategic acquisition for Smithfield Foods and that it will have a modest effect on credit protection measures.
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