Chinese society Shuanghui International has reached an agreement to acquire the US food group Smithfield Foods. The transaction price is set at $4,72 billion in cash; in detail, Shanghui put $34 per share on the plate, with a premium of approximately 31% compared to yesterday's closing. Including the debt the total value of the acquisition will be around 7,2 billions of dollars.
The operation will be completed in the second half of 2013 and will increase exports of pork from the USA to China, the world's largest consumer of meat.
This resulted in a 25% increase in Smithfield Foods stock.
