Shuanghui ‘Not Aware’ of Plan to Tap Stock Market After Takeover
Shuanghui International Holdings Ltd., the Chinese meat producer that agreed in May to buy Smithfield Foods Inc. (SFD) for $4.7 billion, said it isn’t aware of any plans for the combined company to tap the stock market.
Nor will Shuanghui speculate about any such plan, Chuck Dohrenwend, a company spokesman who works for Abernathy MacGregor Group in New York, said today in an e-mailed statement.
Shuanghui plans an initial public offering in Hong Kong valued at about $4 billion after the takeover, Reuters reported today, citing unidentified people familiar with the matter.
A group of investors that includes Goldman Sachs Group Inc. and Temasek Holdings Pte., Singapore’s sovereign wealth fund, holds about half the shares of Shuanghui. The company announced its $34-a-share offer for Smithfield on May 29.
The acquisition of the Smithfield, Virginia-based company, which is the world’s largest hog and pork producer, would be the largest U.S. takeover by a Chinese company.
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