Smithfield shareholders approve sale to Shuangui
The deal represents the largest ever acquisition of a US company by a Chinese one.
Smithfield Foods Inc. shareholders approved the sale of the company for $4.7 billion to Chinese firm Shuanghui International Holdings Ltd. The transaction is valued at $7.1 billion including debt, and will be the largest ever acquisition of a US company by a Chinese one. The US Committee on Foreign Investment cleared the deal last month, allaying concerns over national security and the US pork supply. The company's statement says more than 96 percent of votes were cast in favor of the deal, and the votes cast represented 76 percent of Smithfield's outstanding common shares.