September 9/Springdale, Ark./M&A Navigator -- Smithfield Foods said it would probably have to shed its 49% interest in turkey producer Butterball, as its attempt to buy it out could face opposition.
In June, Smithfield offered to purchase the remaining 51% in Butterball from Maxwell Farms for $200 million (157 million euros) in a move to improve the business. As part of the two partners joint-venture agreement, Maxwell can either accept the offer or reject it and buy out Smithfield's stake.