Smithfield Shareholders Approve Shuanghui Deal

Sept. 24, 2013

Shareholders of Smithfield Foods Inc. have approved a deal to sell the pork producer to a Chinese company.

The Virginia.-based company held a Tuesday meeting in Richmond for shareholders to weigh in on Shuanghui International Holdings Ltd.'s $34 per share offer.

It would be the largest takeover of a U.S. company by a Chinese firm, valued at around $7 billion.

The buyout comes amid food safety problems in China. Shuanghui is the largest shareholder of China's biggest meat processor.

The deal is expected to close by the end of the year.

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