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Shuanghui Agrees to Acquire Smithfield Foods for $4.72b

Shuanghui International Holdings Ltd., China’s biggest pork producer, agreed to acquire Smithfield Foods Inc. for about $4.72 billion to boost supplies for the nation that’s the biggest consumer of the meat.

Closely held Shuanghui, parent of Henan Shuanghui Investment & Development Co., will pay $34 a share for the Smithfield, Virginia-based producer, the companies said today in a statement. The offer is 31 percent more than yesterday’s closing share price.