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Shuanghui International to buy Smithfield Foods

It would be largest ever takeover of an American company by a Chinese one.

By Shane O'Halloran
Shuanghui International to buy Smithfield Foods
May 30, 2013

Shuanghui International to buy Smithfield Foods

In what would be the largest ever takeover of an American company by a Chinese one, Smithfield Foods announced it will sell all outstanding stock to Shuanghui International in a transaction worth $4.72 billion. The deal, which values Smithfield Foods at around $7.1 billion, will make the world’s largest pork producer a private company. Shuanghui plans to retain Smithfield’s existing management and honor existing collective bargaining agreements with Smithfield’s 46,000 workers. The Chinese company owns a portfolio of global businesses including the largest meat processing interest in the country. It will pay $34 per share under the terms of the agreement, which must still gain regulatory approval.

KEYWORDS: global economy imports and exports mergers and acquisitions

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