Dive Brief:
- Smithfield Foods Inc shareholders voted on Tuesday to allow the company's acquisition by the Chinese firm Shuanghui International Holdings Ltd.
- 96% of the votes cast supported the deal, with those voting representing 76% of Smithfield's outstanding common shares.
- The $4.7 billion sale, which would involve a transaction totaling $7.1 billion with debt is slated to close by September 26.
Dive Insight:
This deal has had a long hike to completion, as would represent the largest-ever acquisition of a U.S. company by a Chinese firm prompting concerns at The Committee on Foreign Investment in the United States. The acquisition has since gained approval there, as well aswith Starboard Value LP, a shareholder that only recently budged on approving the deal. With Tuesday's vote completed, it appears that one of themost important food deals of the yearis now ready to be sealed.
