Smithfield shareholders approve Shuanghui deal
AP Business Writer
RICHMOND, VA (AP) — Shareholders of Smithfield Foods Inc. have approved a deal to sell the pork producer to a Chinese company.
The Smithfield, VA-based company held a Tuesday meeting in Richmond for shareholders to weigh in on Shuanghui International Holdings Ltd.’s $34 per share offer.
The deal announced in May is expected to close by the end of the year. It would be the largest takeover of a US company by a Chinese firm, valued at about $7.1 billion including debt.
A US committee that reviews mergers between American companies and those overseas already has cleared the deal.
The buyout comes amid food safety problems in China. Shuanghui is the largest shareholder of China’s biggest meat processor.
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