CHICAGO, Oct 16 (Reuters) - U.S. meat company Smithfield Foods Inc. (SFD.N: Quote, Profile, Research) said ContiGroup Cos Inc. plans to buy up to 1,505,000 shares of Smithfield common stock during a one-year period beginning Oct. 16.

ContiGroup is a beneficial owner of more than 5 percent of Smithfield's common stock. ContiGroup's chairman and chief executive officer, Paul J. Fribourg, is a member of Smithfield's board.

Smithfield Foods and ContiGroup are co-owners of Five Rivers Cattle Feeding, the nation's largest cattle feedlot business that was formed in 2005.