Shuanghui secures financing for Smithfield acquisition

by Meat&Poultry Staff
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HONG KONG – Shuanghui International Holdings Limited has agreements with seven banks for a $4 billion loan to finance its acquisition of Smithfield Foods, Inc.

Shuanghui entered into credit facilities agreements with Bank of China Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank International), Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., Natixis, The Royal Bank of Scotland plc, Standard Chartered Bank (Hong Kong) Limited and Industrial & Commercial Bank of China (Asia) Limited.

The loan is subject to approval of the merger by Smithfield shareholders and other customary closing conditions, the company said. Smithfield shareholders are scheduled to vote on the acquisition at a special shareholders meeting Sept. 24 in Richmond, Va. Smithfield shareholders will receive $34.00 per share in cash for each share of Smithfield common stock that they own.

The Smithfield, Va.-based pork processor filed a definitive proxy statement with the Securities and Exchange Commission in August. The company's board of directors is unanimously recommending that shareholders approve the merger agreement. The deal is expected to close in the second half of 2013, but remains subject to certain conditions.

Smithfield is the world's largest pork processor and hog producer. Shuanghui International is a privately held company with a majority stake in China's largest meat processor, Henan Shuanghui Investment & Development Co. Ltd.
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READER COMMENTS (1)

By Leigh 9/3/2013 11:39:31 AM
God help us!