US pork producer Smithfield Foods has gained regulatory clearance for its proposed acquisition of a 90% stake in Cumberland Gap Provision.
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The Federal Trade Commission said it had terminated the waiting period required for the companies under the Hart-Scott-Rodino Antitrust Improvements Act, reported Dow Jones News.
Smithfield plans to acquire a 90% interest in Cumberland Gap for around US$56m. Cumberland Gap makes hickory smoked hams, sausages and other specialty pork products and is to operate as a stand-alone unit of Smithfield’s John Morrell & Co.
