Continental Grain intends to sell its 5.84% stake in Smithfield Foods (SFD) and not engage in a...

|About: Smithfield Foods Inc. (SFD)|By:, SA News Editor

Continental Grain intends to sell its 5.84% stake in Smithfield Foods (SFD) and not engage in a proxy battle to split the hog producer into three, Continental said yesterday. The company's decision follows Shuanghui's offer last week to acquire Smithfield for $4.7B. Continental had become the pork company's biggest shareholder and had urged it to break up in a letter sent in March.