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Smithfield Foods Inc. of Smithfield, Va., said it is kicking off the regulatory clock on its proposed $2.7 billion acquisition of Dakota Dunes, S.D.-based IBP Inc. by filing antitrust paperwork with the Federal Trade Commission. Smithfield is vying with rival Springdale, Ark.-based Tyson Foods Inc. to acquire meatpacking company IBP. Tyson launched a $1.42 billion cash tender offer for a slight majority of IBP’s common shares on Dec. 13.
