Clearance for ConAgra stake sale
received antitrust clearance for the planned sale of 54 per cent of
its fresh meat operations to an investor group.
ConAgra Foods, the number two North American food company on Tuesday said that it had received antitrust clearance for the planned sale of 54 per cent of its fresh meat operations to an investor group.
The Omaha, Nebraska-based company said that it had received clearance in the United States from regulators and in Australia from the Foreign Investment Review Board.
The company plans to sell off the majority stake in the business to an investor group led by private equity group Hicks Muse Tate & Furst in a deal valued at about $1.4 billion (€1.41bn).
Late last week, ConAgra recalled nearly 19 million pounds of fresh hamburger meat due to E. coli bacteria concerns - the second largest meat recall in US history.
Hicks Muse said on Tuesday that it expects a short delay in the deal's closing. ConAgra spokesman Tim McMahon told Reuters the closing is still expected to be some time in August.
