Highfields Capital Management LP - Schedule 13 G/A - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934
(Amendment No. 2)*

SMITHFIELD FOODS, INC.
(Name of Issuer)

COMMON STOCK, $0.50 PAR VALUE
(Title of Class of Securities)

832248108
(CUSIP Number)

DECEMBER 31, 2010
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[   ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[   ] Rule 13d-1(d)

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).



CUSIP No. 832248108 13G/A Page 2 of 19 Pages

1.

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   

              Highfields Capital Management LP

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]

3.

SEC USE ONLY

   
4.

CITIZENSHIP OR PLACE OF ORGANIZATION

   

              Delaware


  5. SOLE VOTING POWER
     
NUMBER OF              —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY              —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON              —0—
WITH 8. SHARED DISPOSITIVE POWER
     
               —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES               [   ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                PN



CUSIP No. 832248108 13G/A Page 3 of 19 Pages

1.

NAMES OF REPORTING PERSONS

I. R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
              Highfields GP LLC
2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]

3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
              Delaware

  5. SOLE VOTING POWER
     
NUMBER OF                —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY                —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON                —0—
WITH 8. SHARED DISPOSITIVE POWER
     
                 —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
                —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES               [   ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                OO



CUSIP No. 832248108 13G/A Page 4 of 19 Pages

1.

NAMES OF REPORTING PERSONS

I. R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
              Highfields Associates LLC
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
              Delaware

  5. SOLE VOTING POWER
     
NUMBER OF              —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY              —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON              —0—
WITH 8. SHARED DISPOSITIVE POWER
     
               —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
                —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES               [   ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                OO



CUSIP No. 832248108 13G/A Page 5 of 19 Pages

1. NAMES OF REPORTING PERSONS
I. R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
              Jonathon S. Jacobson
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
              United States

  5. SOLE VOTING POWER
     
NUMBER OF                —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY                —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON                —0—
WITH 8. SHARED DISPOSITIVE POWER
     
                 —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
                —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES               [   ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                IN



CUSIP No. 832248108 13G/A Page 6 of 19 Pages

1. NAMES OF REPORTING PERSONS
I. R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
              Highfields Capital I LP
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
              Delaware

  5. SOLE VOTING POWER
     
NUMBER OF                —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY                —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON                —0—
WITH 8. SHARED DISPOSITIVE POWER
     
                 —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
                —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES                ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                PN



CUSIP No. 832248108 13G/A Page 7 of 19 Pages

1. NAMES OF REPORTING PERSONS
I. R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
              Highfields Capital II LP
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
              Delaware

  5. SOLE VOTING POWER
     
NUMBER OF                —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY                —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON                —0—
WITH 8. SHARED DISPOSITIVE POWER
     
                 —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
                —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES               [   ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                PN



CUSIP No. 832248108 13G/A Page 8 of 19 Pages

1. NAMES OF REPORTING PERSONS
I. R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
   
              Highfields Capital III L.P.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [   ]
(b) [X]
3. SEC USE ONLY
   
4. CITIZENSHIP OR PLACE OF ORGANIZATION
   
              Cayman Islands

  5. SOLE VOTING POWER
     
NUMBER OF                —0—
SHARES 6. SHARED VOTING POWER
BENEFICIALLY    
OWNED BY                —0—
EACH 7. SOLE DISPOSITIVE POWER
REPORTING    
PERSON                —0—
WITH 8. SHARED DISPOSITIVE POWER
     
                 —0—

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
                —0—
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES               [   ]
  (SEE INSTRUCTIONS)
   
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
   
                0.0%
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
                PN



CUSIP No. 832248108 13G/A Page 9 of 19 Pages

Item 1 (a). Name of Issuer:
     
    Smithfield Foods, Inc. (the “Issuer”)
     
Item 1 (b). Address of Issuer’s Principal Executive Offices:
     
    200 Commerce Street, Smithfield, VA 23430
     
Item 2 (a). Name of Person Filing:
     
 

This statement is being filed by the following persons with respect to the shares of common stock (“Common Stock”) of the Issuer previously directly owned by Highfields Capital I LP (“Highfields I”), Highfields Capital II LP (“Highfields II”) and Highfields Capital III L.P. (“Highfields III” and, together with Highfields I and Highfields II, the “Funds”):


  (i)

Highfields Capital Management LP, a Delaware limited partnership (“Highfields Capital Management”) and investment manager to each of the Funds;

     
  (ii)

Highfields GP LLC, a Delaware limited liability company (“Highfields GP”) and the General Partner of Highfields Capital Management;

     
  (iii)

Highfields Associates LLC, a Delaware limited liability company (“Highfields Associates”) and the General Partner of the Funds;

     
  (iv)

Jonathon S. Jacobson, the Managing Member of Highfields GP and the Senior Managing Member of Highfields Associates;

     
  (v)

Highfields I, a Delaware limited partnership;

     
  (vi)

Highfields II, a Delaware limited partnership; and

     
  (vii)

Highfields III, an exempted limited partnership organized under the laws of the Cayman Islands.


 

Highfields Capital Management, Highfields GP, Highfields Associates, Mr. Jacobson, Highfields I, Highfields II and Highfields III are sometimes individually referred to herein as a “Reporting Person” and collectively as the “Reporting Persons.”

   

Item 2 (b).

Address of Principal Business Office or, if None, Residence:

   

 

Address for Highfields Capital Management, Highfields GP, Highfields Associates, Mr. Jacobson, Highfields I and Highfields II:

   

   

c/o Highfields Capital Management LP

   

John Hancock Tower

   

200 Clarendon Street, 59th Floor

   

Boston, Massachusetts 02116




CUSIP No. 832248108 13G/A Page 10 of 19 Pages

    Address for Highfields III:
     
    c/o Goldman Sachs (Cayman) Trust, Limited
    Suite 3307, Gardenia Court
    45 Market Street, Camana Bay
    P.O. Box 896
    Grand Cayman KY1-1103
    Cayman Islands
     
Item 2 (c). Citizenship:
     
    Highfields Capital Management – Delaware
    Highfields GP – Delaware
    Highfields Associates – Delaware
    Jonathon S. Jacobson – United States
    Highfields I – Delaware  
    Highfields II – Delaware
    Highfields III – Cayman Islands
     
Item 2 (d). Title of Class of Securities:
     
    Common Stock, $0.50 par value
     
Item 2 (e). CUSIP Number:
     
    832248108
     
Item 3. Not applicable.



CUSIP No. 832248108 13G/A Page 11 of 19 Pages

Item 4. Ownership.
   
For Highfields Capital Management, Highfields GP, Highfields Associates, and Mr. Jacobson:

  (a)

Amount beneficially owned: —0—shares of Common Stock

       
  (b)

Percent of class: 0.0%

       
  (c)

Number of shares as to which such person has:

       
  (i)

Sole power to vote or to direct the vote: —0—

       
  (ii)

Shared power to vote or to direct the vote: —0—

       
  (iii)

Sole power to dispose or to direct the disposition of: —0—

       
  (iv)

Shared power to dispose or to direct the disposition of: —0—

For Highfields I:

  (a)

Amount beneficially owned: —0—shares of Common Stock

       
  (b)

Percent of class: 0.0 %

       
  (c)

Number of shares as to which such person has:

       
  (i)

Sole power to vote or to direct the vote: —0—

       
  (ii)

Shared power to vote or to direct the vote: —0—

       
  (iii)

Sole power to dispose or to direct the disposition of: —0—

       
  (iv)

Shared power to dispose or to direct the disposition of: —0—

For Highfields II:

  (a)

Amount beneficially owned: —0—shares of Common Stock

     
  (b)

Percent of class: 0.0 %

     
  (c)

Number of shares as to which such person has:

     
    (i) Sole power to vote or to direct the vote: —0—



CUSIP No. 832248108 13G/A Page 12 of 19 Pages

  (ii)

Shared power to vote or to direct the vote: —0—

     
  (iii)

Sole power to dispose or to direct the disposition of: —0—

     
  (iv)

Shared power to dispose or to direct the disposition of: —0—

For Highfields III:

  (a)

Amount beneficially owned: —0—shares of Common Stock

       
  (b)

Percent of class: 0.0%

       
  (c)

Number of shares as to which such person has:

       
  (i)

Sole power to vote or to direct the vote: —0—

       
  (ii)

Shared power to vote or to direct the vote: —0—

       
  (iii)

Sole power to dispose or to direct the disposition of: —0—

       
  (iv)

Shared power to dispose or to direct the disposition of: —0—




CUSIP No. 832248108 13G/A Page 13 of 19 Pages

Item 5.

Ownership of Five Percent or Less of a Class.

 

 

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following [ X ].

 

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

 

 

 

Not Applicable.

 

 

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

 

 

 

Not applicable.

 

 

Item 8.

Identification and Classification of Members of the Group.

 

 

See Exhibit 2 attached hereto.

 

 

Each Reporting Person disclaims beneficial ownership of the shares of Common Stock beneficially owned by the other Reporting Persons.

 

 

Item 9.

Notice of Dissolution of Group.

 

 

Not applicable.

 

 

Item 10.

Certification.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.




CUSIP No. 832248108 13G/A Page 14 of 19 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

  February 14, 2011
  Date
   
  HIGHFIELDS CAPITAL MANAGEMENT LP
   
  By: Highfields GP LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS GP LLC
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS ASSOCIATES LLC
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  JONATHON S. JACOBSON
   
  /s/ Joseph F. Mazzella*
  Signature
   
  Joseph F. Mazzella, Attorney in Fact
  Name/Title
   
  * by power of attorney



CUSIP No. 832248108 13G/A Page 15 of 19 Pages

  HIGHFIELDS CAPITAL I LP
   
By: Highfields Associates LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS CAPITAL II LP
   
By: Highfields Associates LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS CAPITAL III L.P.
   
By: Highfields Associates LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title



CUSIP No. 832248108 13G/A Page 16 of 19 Pages

EXHIBIT INDEX

Exhibit 1.

Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.

   
Exhibit 2. List of Members of Group



CUSIP No. 832248108 13G/A Page 17 of 19 Pages

Exhibit 1

JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him, her or it contained herein, but shall not be responsible for the completeness and accuracy of the information concerning the other entities or persons, except to the extent that he, she or it knows or has reason to believe such information is inaccurate.

  February 14, 2011
  Date
   
  HIGHFIELDS CAPITAL MANAGEMENT LP
   
  By: Highfields GP LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS GP LLC
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS ASSOCIATES LLC
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  JONATHON S. JACOBSON
   
  /s/ Joseph F. Mazzella*
  Signature



CUSIP No. 832248108 13G/A Page 18 of 19 Pages

  Joseph F. Mazzella, Attorney in Fact
  Name/Title
   
  * by power of attorney
   
  HIGHFIELDS CAPITAL I LP
   
  By: Highfields Associates LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS CAPITAL II LP
   
  By: Highfields Associates LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title
   
  HIGHFIELDS CAPITAL III L.P.
   
  By: Highfields Associates LLC, its General Partner
   
  /s/ Joseph F. Mazzella
  Signature
   
  Joseph F. Mazzella, Authorized Signatory
  Name/Title



CUSIP No. 832248108 13G/A Page 19 of 19 Pages

     Exhibit 2

MEMBERS OF GROUP

Highfields Capital Management LP
Highfields GP LLC
Highfields Associates LLC
Jonathon S. Jacobson
Highfields Capital I LP
Highfields Capital II LP
Highfields Capital III L.P.