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Smithfield Selling Schneiders
SMITHFIELD - Apr 1/04 - SNS -- Smithfield Foods, Inc. has received regulatory approval to sell Schneider Corporation to Maple Leaf Foods, Inc.
The approval from the Canadian Competition Bureau will allow the sale of the Kitchner, Ontario operation to be finalized this month for around $378 million, subject to closing adjustments, including the assumption of the company's outstanding debt.
Net proceeds from the sale will be used to repay the bridge loan that Smithfield used to finance its acquisition of Farmland Foods in October 2003.
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