WH Group get shareholders’ nod to spin off, list Smithfield Foods in US

(Reuters) – Hong Kong-based WH Group (OTC:WHGLY), the world’s largest pork producer, said on Friday that its shareholders had approved spinning off Smithfield Foods into a listed company in the United States.

WH Group said 99.4% of its shareholders voted in favour of spinning off Smithfield Foods, which the company had proposed last month.

At that time, WH Group had also said Smithfield Foods’s underlying pre-money valuation would be at least equal to its net asset value, which was about $5.38 billion as of the end of September.

WH Group submitted its application for the spin off in July, with plans to list Smithfield Foods on either the New York Stock Exchange or the Nasdaq.

It did not give further details on Friday.