Shuanghui wraps up Smithfield deal, China's largest US takeover
By Michael Barris in New York | China Daily | Updated: 2013-09-26 07:13
Calling it a "great transaction" for shareholders, United States farmers and agriculture, Smithfield Foods Inc Chief Executive Officer Larry Pope announced that shareholders had approved the pork giant's acquisition by Shuanghui International Holdings Ltd, the biggest Chinese takeover ever of a US company.
"The partnership is all about growth, and about doing more business at home and abroad," Pope said Tuesday of the $4.7 billion acquisition, and he promised to keep things "business as usual - only better" at Smithfield.
More than 96 percent of the votes cast backed the transaction, representing about 76 percent of the company's outstanding stock, Smithfield said.
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