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Smithfield Shareholders Approve Sale to Chinese Firm
Shareholders of pork producer Smithfield Foods Inc. voted Sept. 24 to approve the company’s sale to Shuanghui International Holdings, the largest acquisition of an American company by a Chinese business,Bloomberg Newsreported.
The $4.7 billion transaction had previously cleared regulatory approvals, including one by the U.S. Committee on Foreign Investment.
Smithfield operates aprivate fleet of about 240 trucks.
“This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture,” Smithfield CEO C. Larry Pope said in a statement. “The partnership is all about growth, and about doing more business at home and abroad. It will remain business as usual — only better — at Smithfield, and we look forward to embarking on this new chapter."