I say most buy outs are an investment.  If someone back east buys a ranch out west it is not because of competition, but because they have money to invest.  Car dealers buy other car dealers to invest money, a dealership 500 miles away is not competition to them, but they see it as a way of getting a return on their money.  What else are the big packers going to do with their money if not buy up more packing plants?  They could buy car dealerships, but packing plants is their expertise.