Smithfield shareholders approve deal

Author: Amy Volk | Posted: 9/25/2013

Smithfield Foods, Inc. announced Tuesday that its company shareholders voted in a strong majority to approve its proposed sale to China’s Shuanghui International. The U.S. pork producer, which is worth about $13 billion, said more than 96 percent of the votes favored the transaction. The vote came after Starboard an investing firm holding nearly 6 percent of Smithfield shares announced last week that it could not put together a financing plan to purchase Smithfield. Following the shareholder vote, Smithfield President and CEO C. Larry Pope said, “The partnership is all about growth, and about doing more business at home and abroad.”

Source: Agri-Pulse