Shareholders approve Smithfield acquisition

Shuanghui International is sealing shareholder approval for its proposed US$4.7 billion takeover of Smithfield Foods (SFD.NYSE), The Wall Street Journal reported. More than 96% of votes cast at a special Smithfield shareholder meeting Tuesday were in favor of the deal, representing about 76% of the company’s total shares outstanding as of the record date for the meeting, Smithfield said. Smithfield, the world’s largest pork producer, and Shuanghui, the biggest pork producer in China, have said their joining will increase US pork exports to China, while enabling Shuanghui to learn from the Virginia-based company’s food safety and production technology.