Posted by: youngragingbull | May 29, 2013

China’s Shuanghui to buy Smithfield Foods for $4.72B

Chinese meat processor Shuanghui International Holdings Ltd. has agreed to buy Smithfield Foods Inc. for approximately $4.72 billion in a deal that will take the world’s biggest pork producer private.

Hong Kong-based Shuanghui owns a variety of global businesses that include food, logistics and flavoring products and is China’s largest meat processing enterprise. Smithfield owns brands such as Armour, Farmland and its namesake.

Shareholders of Smithfield will receive $34 per share under terms of the deal announced Wednesday — a 31 percent premium to the Smithfield, Va., company’s closing stock price of $25.97 on Tuesday.

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