There seems to be a lot more money in managing hog-packing
plants than in farming to raise hogs.
WH Group – which acquired Smithfield Foods Inc. last year – awarded
573.1 million new shares to Chairman and CEO Wan Long and another 245.6 million
shares to Yang Zhijun, an executive in charge of investments, acquisitions and
financing.
At the time of their issuance in October 2013, the stock was worth a
total of about $597 million, a sum that’s expected to rise in value once the Initial
Public Offering of 3.56 billion shares is completed on April 22.
The Initial Public Offering is hoping to raise $5.3 billion.
The company said the shares represent a reward for the role the
executives paid in completing the $4.9-billion acquisition of Smithfield last
year.
There was no reward for farmers.
