Dec 1, 2003 12:00 PM

Smithfield Foods Inc won the bidding at an auction to acquire substantially all of the assets of Farmland Foods, the pork production and processing business of Farmland Industries Inc. Smithfield's bid was for $367.4 million in cash, plus assumption of certain Farmland liabilities.

The auction was held October 12 at Farmland headquarters in Kansas City MO under auction and bid procedures approved by the United States Bankruptcy Court.

Smithfield's bid is subject to Bankruptcy Court approval at a hearing to be held Oct 28, 2003, as well as other customary conditions. The company has received Hart-Scott-Rodino antitrust clearance for the acquisition and expects to complete the transaction early in its fiscal third quarter.