Smithfield Foods Inc.
Shareholders of pork producer Smithfield Foods Inc. voted Sept. 24 to approve the company’s sale to Shuanghui International Holdings, the largest acquisition of an American company by a Chinese business, Bloomberg News reported.
The $4.7 billion transaction had previously cleared regulatory approvals, including one by the U.S. Committee on Foreign Investment.
Smithfield operates a private fleet of about 240 trucks.
“This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture,” Smithfield CEO C. Larry Pope said in a statement. “The partnership is all about growth, and about doing more business at home and abroad. It will remain business as usual — only better — at Smithfield, and we look forward to embarking on this new chapter."