MADRID (Reuters) - Mexican frozen food leader Sigma Alimentos has launched a 695 million euro ($932 million) full takeover bid for Spanish foods company Campofrio (>> Campofrio Food Group SA), in the latest entry of foreign investors in Spain.

Sigma, part of Mexican conglomerate Alfa's (>> Alfa SAB de CV), said the bid follows an agreement to buy 44.5 percent of Campofrio from shareholders La Caixa, Oaktree Capital (>> Oaktree Capital Group LLC) and Chairman Pedro Ballve for an undisclosed price.

The offer for the remaining 55.5 percent of Campofrio, a major European meat processor, is at 6.8 euros per share, representing a 10.6 percent premium to Wednesday's close.

After a drawn-out economic crisis during which foreign investors shunned Spanish assets, a number of overseas buyers are starting to close deals in Spain, drawn by bargains and the country's exit from five years of stop-and-go recession.

Campofrio's leading shareholder is Shuanghui International Holdings (>> Henan Shuanghui Investment & Development), which has said it would cut its 37 percent stake, which it inherited after completion of its $4.7 billion purchase of U.S. pork producer Smithfield Foods.

Sigma operates in the United States, Mexico and Central and South America and produces brands that are well-known in Mexico, including Fud and Nochebuena.

Trading in the shares of Campofrio were suspended by the Spanish stock market regulator ahead of the bid and will resume trading from 1000 GMT.

(Reporting by Tracy Rucinski; editing by Tom Pfeiffer)