Related News
Smithfield approves sale to Shuanghui
Print Edition
Shareholders of Smithfield Foods Inc yesterday approved a plan to sell the world’s largest pork producer and processor to a Chinese company.
The Smithfield, Virginia-based company said more than 96 percent of the votes cast during a special meeting in Richmond were in favor of Shuanghui International Holdings Ltd’s US$34 per share offer, or US$4.72 billion in cash.
The deal, which is expected to close tomorrow, will be the largest takeover of an American company by a Chinese firm, valued at about US$7.1 billion including debt.
“We will cease to be the company you saw in the past,” Smithfield’s CEO Larry Pope told shareholders. “This does not mean the company goes away. The company just enters into a new phase and a new era of its life.”
Smithfield Foods, whose brands include Armour, Farmland and its namesake, was founded in 1936 and has grown to annual sales of US$13 billion and has about 46,000 employees.
Pork producers such as Smithfield have been caught in a tug of war with consumers. It needs to increase prices to offset rising commodity costs, namely the corn it uses for feed. But shoppers are still extremely sensitive to price changes in the current economy.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
