China's frozen food company Shuanghui International Holdings Ltd and Sigma Alimentos SA de CV said in a joint statement on Monday they have reached an agreement to share ownership of Spanish meat processor Campofrio.

Shuanghui is China's largest meat processor. Shuanghui became Campofrio's largest shareholder when it acquired Virginia-based Smithfield Foods Inc for a record-breaking $4.7 billion in September 2013.

Previously, the Chinese meat processor said it was considering plans to reduce its stake in Campofrio to below 30 percent.