(Reuters) – Hong Kong-based WH Group, the world’s largest pork producer, said on Friday its shareholders had approved the spin-off of Smithfield Foods into a publicly traded company in the United States.
WH Group said 99.4% of its shareholders voted in favor of the spin-off of Smithfield Foods, which the company proposed last month.
At the time, WH Group had also said that Smithfield Foods’ underlying pre-money valuation would be at least equal to its net asset value, which stood at about $5.38 billion at the end of September.
WH Group filed for the spinoff in July, with plans to list Smithfield Foods on the New York Stock Exchange or Nasdaq.
No further details were provided on Friday.
(Reporting by Roshan Thomas in Bengaluru; Editing by Savio D’Souza)
