In a marriage made in hog heaven, Smithfield Foods has agreed to be bought by Chinese meat producer Shuanghui Group for $4.72 billion. The deal will take the world's largest pork producer, with brands such as Armour, Farmland and its namesake, private.
Hong Kong-based Shuanghui owns a variety of global businesses that include food, logistics and flavoring products and is China's largest meat processing enterprise.
Shareholders of Smithfield will receive $34 per share under terms of the deal announced Wednesday — a 31 percent premium to the Smithfield, Va., company's closing stock price of $25.97 on Tuesday.
Both companies' boards have unanimously approved the transaction, which still needs approval from Smithfield's shareholders. The transaction may also be subject to review by the U.S.'s Committee on Foreign Investment.
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