EXHIBIT 99

                          SMITHFIELD FOODS NEWS RELEASE

                             SMITHFIELD FOODS, INC.
                            SMITHFIELD CANADA LIMITED


FOR IMMEDIATE RELEASE
IN THE UNITED STATES AND CANADA                                         Contact:
                                                                   Aaron D. Trub
                                                          Smithfield Foods, Inc.
                                                                    757-365-3000


                       SMITHFIELD ANNOUNCES FINAL RESULTS
                   OF TAKE-OVER BID FOR SCHNEIDER CORPORATION

         Smithfield,  Virginia,  December  2,  1998  -  Smithfield  Foods,  Inc.
(NASDAQ:SFDS)  announced  today  the  final  results  of the  offer  made by its
wholly-owned subsidiary, Smithfield Canada Limited, for Schneider Corporation.

         By the  expiry  of  Smithfield  Canada's  offer on  December  1,  1998,
Schneider  shareholders  had deposited  approximately  693,110 Common Shares and
3,929,544 Class A Non-Voting Shares in acceptance of Smithfield  Canada's offer,
representing  approximately 94% of the outstanding  Common Shares and 59% of the
outstanding Class A Non-Voting  Shares. As a result,  Smithfield Canada owns 94%
of the votes and 62.5% of the total equity of Schneider.

         Smithfield Canada issued  approximately  2,505,000  Exchangeable Shares
under the offer.  Each  Exchangeable  Share is exchangeable by the holder at any
time for one common share of Smithfield Foods.

         Smithfield  Foods is the largest  vertically  integrated  producer  and
marketer  of fresh pork and  processed  meats in the United  States.  Smithfield
Foods had a net income of US$ 53.4  million  (Cdn$76.6  million) on sales of US$
3.9 billion (Cdn$5.6 billion) for the fiscal year ending May 3, 1998.

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