HONG KONG and SMITHFIELD, Va., Sept.
6, 2013 /PRNewswire/ -- Shuanghui International Holdings
Limited ("Shuanghui International") and Smithfield Foods, Inc.
("Smithfield") (NYSE: SFD)
announced today that the companies have received clearance on their
proposed transaction from the Committee on Foreign Investment in
the United States (CFIUS).
Smithfield and Shuanghui
International also announced that the parties have received
governmental merger clearance in Ukraine.
The transaction remains subject to Smithfield shareholder approval and other
customary closing conditions. Smithfield's shareholders are scheduled to
vote on the transaction at a special shareholders meeting on
Tuesday, September 24, 2013.
Shuanghui International and Smithfield expect the transaction to close
shortly thereafter.
"This transaction will create a leading global animal protein
enterprise," said Zhijun Yang, Chief
Executive Officer of Shuanghui International. "Shuanghui
International and Smithfield 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."
Smithfield 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 Smithfield have entered into a definitive
merger agreement. Under the terms of the agreement,
Smithfield shareholders will
receive $34.00 per share in cash for
each share of Smithfield common
stock that they own. Upon consummation of the transaction,
Smithfield 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
Hong Kong-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 China's 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 www.shuanghui-international.com.
About Smithfield Foods
Smithfield Foods is a
$13 billion 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
www.smithfieldfoods.com and www.smithfieldcommitments.com.
SOURCE Shuanghui International Holdings Limited
