WH Group to Spin Off Smithfield Foods

Date: (Reuters) – Hong Kong-based WH Group (OTC:WHGLY), the world's largest pork producer, announced on Friday that its shareholders have approved the spin-off of Smithfield Foods into a publicly listed company in the United States.

Shareholder Approval
WH Group reported that 99.4% of its shareholders voted in favor of this proposal, which was presented last month.

Valuation
At the time of the proposal, WH Group stated that Smithfield Foods's underlying pre-money valuation would be at least equal to its net asset value, estimated at approximately $5.38 billion as of the end of September.

Application and Listing Plans
WH Group submitted its application for the spin-off in July, planning to list Smithfield Foods on either the New York Stock Exchange or the Nasdaq. No additional details were disclosed on Friday.