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Byline: FROM IBD NEWS SERVICES
Pork producer Smithfield Foods Inc. (Companies in the News, Aug. 9) on Friday confirmed that it had renewed its offer to buy the meat operations of Farmland Industries Inc., the largest U.S. farmer-owned cooperative.
In a letter sent to new Farmland Chief Executive Robert Terry, Smithfield said it would help the cash-starved co-op meet a debt payment of $10 million due to its lenders -- if Farmland would agree to sell Smithfield its meat and pork operations.
The businesses make up the bulk of Farmland's refrigerated foods division, which has annual sales of roughly $4.75 ...