Sept. 6, 2013
/PRNewswire/ -- Shuanghui International Holdings Limited ("Shuanghui International") and Smithfield Foods, Inc. ("
") (NYSE: SFD) announced today that the companies have received clearance on their proposed transaction from the Committee on Foreign Investment in
the United States
and Shuanghui International also announced that the parties have received governmental merger clearance in Ukraine.
The transaction remains subject to
shareholder approval and other customary closing conditions.
shareholders are scheduled to vote on the transaction at a special shareholders meeting on
Tuesday, September 24, 2013
. Shuanghui International and
expect the transaction to close shortly thereafter.
"This transaction will create a leading global animal protein enterprise," said
, Chief Executive Officer of Shuanghui International. "Shuanghui International and
have a long and consistent track record of providing customers around the world with high-quality food, and we look forward to moving ahead together as one company."
Chief Executive Officer and President
C. Larry Pope
added, "We are pleased that this transaction has been cleared by CFIUS, and we thank the Committee for its careful attention to this review."
As previously announced on
May 29, 2013
, Shuanghui International and
have entered into a definitive merger agreement. Under the terms of the agreement,
shareholders will receive
per share in cash for each share of
common stock that they own. Upon consummation of the transaction,
will continue to operate under its existing brand names as a wholly owned subsidiary of Shuanghui International.
About Shuanghui International Holdings Limited
Shuanghui International Holdings Limited is a
-based privately held company that owns a variety of businesses that include food and logistics enterprises. Shuanghui International and its subsidiaries are the majority shareholders of
largest meat processor, Henan Shuanghui Investment & Development Co. Ltd. which is publicly listed on the Shenzhen Stock Exchange under the ticker symbol 000895. More information about Shuanghui International is available at
About Smithfield Foods
Smithfield Foods is a
global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield®, Eckrich®, Farmland®, Armour®, Cook's®, Gwaltney®, John Morrell®, Kretschmar®, Curly's®, Carando®, Margherita®, and Healthy Ones®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental, and food safety and quality programs. For more information, visit
SOURCE Shuanghui International Holdings Limited