Shareholders of Virginia-based Smithfield Foods have voted to approve the proposed 7.1-billion-U.S.-dollar takeover by Chinese company Shuanghui International Holdings, the U.S. pork producer announced Tuesday.
Shuanghui International Holdings Ltd. and Smithfield Foods announced Friday evening that they have received clearance on their proposed merger from U.S. regulators.
Smithfield Foods Inc. said Wednesday that the U.S. government decided to conduct a second- phase review of its proposed merger deal with China's largest meat producer Shuanghui.
Smithfield Foods Inc. on Monday reaffirmed its recommendation that its shareholders approve the takeover by Chinese meat producer Shuanghui, responding to an objection to the buyout from a major shareholder.
Shuanghui International, China's largest meat processor, has agreed to buy Smithfield Foods for 7.1 billion U.S. dollars, a move deemed to elevate the Chinese company's global profile and sharpen its competitiveness in the domestic market.
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