US-based Smithfield Foods raises around 15 million pigs a year and processes 27 million, producing over six billion pounds of pork. In May 2012, Chinese meat company Shuanghui International made a US$4.7 billion offer for the company.
WH Group warned that the Ukraine-Russia war will push costs up and affect profitability, after reporting a 7.2 per cent jump in annual profit on higher sales.
WH Group, world’s biggest pork producer said allegations by Wan Hongjian, one of the sons of its founder, are ‘untrue and misleading’.
Media reports citing former director Wan Hongjian said the company founder and former CFO took decisions that led to financial losses. The world’s biggest pork producer denied the allegations.
Wan Hongjian, 52, was stripped of his roles as executive director, deputy chairman and vice-president of WH Group because of his recent misconduct and aggressive behaviour, company says in exchange filing.
Wan Long, the 81-year-old chairman and CEO, says the offer will allow investors to either cash in their investment or enjoy higher a return. The stock has underperformed the Hang Seng Index this year and in 2020.
China agreed to import a record US$36.5 billion in US farm goods in the phase one trade deal signed in January, with pork expected to be key to reaching the mark.
Muyuan Foodstuff and New Hope Liuhe have had their price targets lifted by at least four fold since 2019, only to see their stock prices follow the heels of these upbeat recommendations.
Smithfield Foods, a US unit of China’s biggest pork company, has reopened its processing facility despite a coronavirus outbreak in meat plants across America.
Hog producers started building up their herds in anticipation of more demand for meat imports from China, where African swine fever has killed millions of pigs.
US pork exports to China doubled in the second quarter to 60,898 tonnes, which was made possible by a sharp increase in prices on the mainland, helping to offset a 62 per cent tariffs on US exports.
The African swine fever that spread to China just over a year ago has led to the mass culling of pigs, slashing the number of China’s breeding sows by 26.7 per cent at the end of June from a year earlier.
Sustained high prices is music to the ears of the WH Group, the world’s largest producer of the meat and owner of Smithfield Foods of Virginia.
WH Group, owner of Smithfield Foods, said falling prices and higher mainland tariffs on US shipments led to a profit result of US$1.05 billion for 2018.
Proposed legislation on foreign investments could complicate the acquisition plans of Alibaba and other Chinese companies in the United States.
On the face of it, an initial public offering for WH Group, the world’s biggest pork company, should have been an easy sell.
The United States and Britain have emerged as the bright spots for overseas Chinese investments lately, while China's investment in the rest of Europe has waned.
Smithfield Foods shareholders have voted in favour of Shuanghui International's US$4.7 billion deal, approving the largest Chinese purchase of a United States company.
Shuanghui International is close to securing shareholder approval for its US$4.7 billion offer for Smithfield Foods - which would be the biggest purchase of a US company by a Chinese firm - three people familiar with the matter said.
Smithfield Foods won national security clearance for its proposed US$4.7 billion sale to a Chinese meat processor, overcoming one of the biggest obstacles to a takeover.
The US government should soon give the go-ahead for the largest ever Chinese acquisition of a US company: a Chinese food group’s US$4.7 billion deal to buy Smithfield Foods, a person familiar with the matter told Reuters.
One of US pork producer Smithfield Foods' largest shareholders said yesterday that it plans to vote against a proposed takeover by China's largest meat producer because it wants more time to seek other offers that would provide greater shareholder value.
Shuanghui International's pending US$4.7 billion purchase of America's Smithfield Foods, the world's largest pork producer, does not involve sensitive areas like cutting-edge technology or telecommunications.
China’s Shuanghui International, which has agreed to buy US pork producer Smithfield Foods for US$4.7 billion (HK$36.46 billion), plans to list the combined company in Hong Kong after completing the takeover, people with knowledge of the matter said.