Pork Giant WH Group Clears Hurdle for US Listing
In a significant development, Hong Kong-based WH Group, the world’s leading pork producer, announced on Friday that its shareholders have overwhelmingly approved the spin-off of Smithfield Foods into a listed company in the United States.
Shareholder Approval Paves the Way
With an impressive 99.4% of shareholders voting in favor, the proposal to spin off Smithfield Foods has cleared a major hurdle. This move was first proposed last month, with WH Group stating that Smithfield Foods’ underlying pre-money valuation would be at least equal to its net asset value, which stood at approximately $5.38 billion as of September’s end.
Next Steps: Listing on US Exchange
Having submitted its application for the spin-off in July, WH Group plans to list Smithfield Foods on either the New York Stock Exchange or the Nasdaq. Although details were scarce on Friday, the company’s progress towards this goal is a significant milestone.
A New Chapter for Smithfield Foods
As WH Group moves forward with the spin-off, Smithfield Foods is poised to embark on a new journey as a listed company in the United States. With its significant valuation and strong market presence, the company is well-positioned for future growth and success.
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