Double sinks to clear a big deal barrier in US takeover case

The Smithfield deal has suffered from the US, but has recently begun to get out of the way. Yesterday, according to foreign sources, the BIS International to 7.1 billion U.S. dollars to buy the largest meat processors in the United States Smithfield deal with new progress. The latter's largest single shareholder, Starboardvalue, has changed its stance to support the takeover, which means that the double sinks have cleared a major barrier to trade. Smithfield shareholders are proposing to vote on double sinks in this Tuesday. It is reported that the Starboardvalue fund company holds about 5.7% of Smithfield shares, last month, 4th, its threatened double remittance is too low, the dismantling of subsidiaries than to sell to double sinks more appropriate, and made it clear that the shareholders will vote against. But in Friday, Starboardvalue said that although he still believed there was a willingness to offer higher prices to buyers, it was unable to complete the search by the time and the terms of the financial provisions and could only vote for the purchase proposal. Data show that Smithfield is the world's largest pig producers and pork suppliers, the largest supplier of pork products in the United States. It employs 46,000 people in 4 countries in the United States, has 400 pig farms in the U.S. and a supply agreement with 2000 pig farmers, and the BIS agrees that these agreements will continue to be effective in the future, and that U.S. pork is expected to export to China to meet greater market demand. The double sinks were proposed in May this year, and the deal was approved by Cfius last month. This clears the U.S. policy barrier from China's biggest takeover case in the US. In accordance with the terms and conditions of the agreement, Smithfield will act as a wholly-owned subsidiary of the International Trading Company and continue to operate the existing brand.