Goldman in surprise meat-bid win

A Goldman Sachs-led consortium has emerged victorious from a two-month auction process for China's biggest meat-processing company, Shuanghui Group. The investment will be around US$250 million and looks set to go ahead despite the firm holding a stake in a competing company, the Wall Street Journal reported, citing people familiar with the transaction. The victory, which is expected to be announced Friday, is a surprise given the bidding guidelines excluded major shareholders of companies in the same industry. Goldman already owns a 13% stake in China Yurun Food Group, a major Hong Kong-listed producer of chilled and frozen pork in China, and Shuanghui's biggest competitor. Goldman's consortium partner is CDH China Fund L.P. Shuanghui Group is also known as Shineway Group.