Hong Kong’s WH Group seeks shareholder approval for US unit spin-off, listing

Hong Kong-based WH Group, the world’s largest pork producer, is seeking shareholder approval for the proposed spin-off of its U.S. unit Smithfield Foods and plans to list the business in the U.S.
WH Group said on Sunday the underlying pre-money valuation of the Smithfield Foods, the world’s largest pork processor, for the offering will be no less than the net asset value of the unit, which is around $5.38 billion as of end September.
The Hong Kong firm first submitted the application for the proposed spin-off application for Smithfield Foods in July, planning to list the unit either on the New York Stock Exchange or Nasdaq.
WH Group seeks to receive shareholder approval for the propositions via an extraordinary general meeting to be held on Dec. 6.
Both companies did not immediately respond to a Reuters request seeking details on the expected timeline and the offer price.