INVESTMENTS

Investments consist of the following:



Equity Investment	% Owned	March 30, 2014		December 29, 2013
		(in millions)
Campofrío Food Group (CFG)	37%	$	358.8	$	351.4
Mexican joint ventures	50%	127.6		118.0
Other	Various	27.1		27.1
Total investments		$	513.5	$	496.5

We record our share of earnings and losses from our equity method investments in income from equity method investments. Some of these results are reported on a one-month lag which, in our opinion, does not materially impact our consolidated condensed financial statements.

As of March 30, 2014, we held 37.8 million shares of CFG common stock. Shares of CFG are publicly traded on the Bolsa de Madrid Exchange (Madrid Exchange). Our investment in CFG contractually entitles us to two seats on CFG's board of directors, giving us the ability to exert significant influence over the strategic and operational decisions of our investee. The stock is very thinly traded on the Madrid Exchange. CFG is a closely held company, with the three largest shareholders owning approximately 74% of the outstanding shares. We are CFG's largest shareholder, with approximately a 37% interest.

In November 2013, Mexican processed meats producer Sigma Alimentos (Sigma) announced its intention to tender for all of CFG’s outstanding shares at a bid price of €6.80 per share (the Bid Price). As part of the announcement, Sigma publicly acknowledged that it has obtained commitments to purchase approximately 44.5% of CFG's outstanding shares at the Bid Price. The Bid Price offered by Sigma was also considered in our fair value assessment discussed above. In December 2013, we announced our intention to join Sigma in its tender offer by retaining our 37% interest in CFG. As a result of our agreement with Sigma, the Bid Price was increased to €6.90 per share.

Income from equity method investments consists of the following:



		Successor			Predecessor
		Three Months Ended
Equity Investment	Segment	March 30, 2014			March 31, 2013
		(in millions)
CFG ⁽¹⁾	International	$	(3.1	)	$	(3.6	)
Mexican joint ventures	International	(11.8		)	(4.0		)
All other equity method investments	Various	(0.2		)	(0.2		)
Income from equity method investments		$	(15.1	)	$	(7.8	)

——————————————


⁽¹⁾	CFG prepares its financial statements in accordance with International Financial Reporting Standards. Our share of CFG’s results reflects U.S. GAAP adjustments and thus, there may be differences between the amounts we report for CFG and the amounts reported by CFG.