Hong Kong's WH Group seeks shareholder approval for US unit spin-off, listing (updated)

WH

18/11/2024 05:08

(Updates with further details from paragraph 2)
       Nov 18 (Reuters) - Hong Kong-based WH Group  0288.HK ,
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.

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((Shivangi.Lahiri@thomsonreuters.com;))