Tuesday, January 14, 2014

Smithfield buyer preparing stock sale

Chinese news media report that Shuanghui International, which bought Smithfield Foods in a $7.1-billion deal last year, is getting set to market about $6 billion worth of shares.

The company, which also owns Henan Shuanghui Investment & Development Ltd. which is China’s largest pork packing company, could be ready to sell shares on the Hong Kong Stock Exchange as early as next week, reports the South China Morning Post.

Shuanghui is said to have hired two Chinese stock-market companies and four banks - Goldman Sachs, UBS, Morgan Stanley and Standard Chartered – to handle the initial public offering of shares in the company.