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China/US: Smithfield sets date for $4.7B pork merger

By  |  August 20, 2013

US-based Smithfield Foods announced a timetable for the company’s shareholders to vote on the proposed buyout of the company from China-based Shuanghui International Holdings, the largest deal thus far in which a Chinese firm acquires a US company and a transaction that would create the world’s largest pork processor. Reports say Smithfield shareholders will vote on September 24 to pass or reject the merger, valued at $4.7 billion. Smithfield announced the company’s board of directors has recommended stakeholders to clear the buyout. In addition to the vote, the US Committee on Foreign Investment must also clear the deal; the regulator is currently reviewing the merger following a decision to extend the review process an extra 45 days, though did not say why.

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