News

Smithfield parent to offer IPO

The world’s biggest pork producer wants to raise some cash. China’s WH Group, the company that purchased Smithfield Foods says it will offer 3.65 million shares on the Hong Kong stock exchange. Estimates are the shares would sell from $1.03 to $1.45 raising between $4.1 and $5.3 billion (U.S.). The IPO price will be set next week with trading scheduled to launch April 30th.

WH Group was known as Shuanghui International Holdings prior to the Smithfield acquisition. Australia’s Sky News says most of the money raised by the sale would be used to pay off the loan the company took out to buy Smithfield less than a year ago.

In a related story, it is being reported that two top executives at WH Group are getting nearly $600 million in shares as a “reward” for making the Smithfield deal happen.