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Hormel Foods to Acquire
Friendster, Inc.
Hamster to be Unveiled
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AUSTIN, Minn. (Reuters) -
Hormel Foods Corp. (NYSE:HRL - news),
the maker of Spam luncheon meat and Dinty
Moore beef stew, has announced plans to acquire privately-held Friendster, Inc., the pioneering social networking site, for $100 million. The deal is expected to close in April.
Neither company was willing to be specific about how Friendster will fit into Hormel's product line, referring questions to a press conference scheduled for March 1, where a Friendster spokesperson says they will unveil, the most exciting developement ever in Internet networking and packaged meat products. Sources at Hormel claimed that the two companies have been working for months on a secret project, the results of which will marketed under the name Hamster. Without providing details, the source claimed, "It's like Spam for the Internet age."
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