Smithfield, American End Acquisition Talks

No. 1 pork processor Smithfield Foods Inc. and meatpacker American Foods Group Inc. said they have ended discussions for Smithfield’s planned acquisition of American Foods.

The companies announced on Nov. 1 an agreement in principle for the deal, which would have aided Smithfield’s expansion into the beef business. Financial terms were not disclosed.

A source familiar with the negotiations said the two sides could not agree on a price for American Foods. The companies did not say why talks were terminated.