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Smithfield shareholders approve buyout by China's Shuanghui | Smithfield shareholders approve buyout by China's Shuanghui |
(about 4 hours later) | |
Shareholders of US pork producer Smithfield Foods have approved a buyout by Chinese firm Shuanghui International for $4.7bn (£3.1bn) in cash. | Shareholders of US pork producer Smithfield Foods have approved a buyout by Chinese firm Shuanghui International for $4.7bn (£3.1bn) in cash. |
It is the largest takeover of a US company by a Chinese firm, and comes amid growing demand for foreign food products in the country. | It is the largest takeover of a US company by a Chinese firm, and comes amid growing demand for foreign food products in the country. |
A series of Chinese food scares has led to rising demand for overseas produce. | A series of Chinese food scares has led to rising demand for overseas produce. |
China, home to the world's largest population, is also the biggest consumer of pork in the world. | China, home to the world's largest population, is also the biggest consumer of pork in the world. |
Smithfield, which owns the Farmland, Armour and Healthy Ones brands, said the deal will allow the firm to expand the sale of its brands abroad. | Smithfield, which owns the Farmland, Armour and Healthy Ones brands, said the deal will allow the firm to expand the sale of its brands abroad. |
"The partnership is all about growth, and about doing more business at home and abroad," Larry Pope, chief executive officer of Smithfield, said in a statement. | "The partnership is all about growth, and about doing more business at home and abroad," Larry Pope, chief executive officer of Smithfield, said in a statement. |
Shuanghui International agreed to pay cash for the Virginia-based Smithfield Foods, in a deal which, including debt, values the firm at $7.1bn. | |
US regulators had approved the deal earlier this month. | US regulators had approved the deal earlier this month. |
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