WH Group to Offer up to 20% of Smithfield Shares in US Listing

Bloomberg

2024-11-18

(Bloomberg) -- The world’s biggest pork producer WH Group Ltd. plans to list up to 20% of shares of its subsidiary Smithfield Foods Inc. on the New York Stock Exchange or NASDAQ, it said in a Hong Kong stock exchange filing.

The firm first announced the proposed share sale in July and Bloomberg News reported at the time it planned to raise at least $1 billion from the listing. Smithfield expects to use the money on capital investments in infrastructure, automation, and expanding packaged meats capacity, according to the filing dated Nov. 18.

WH Group did not specify a share price or a timeframe for the offering and said it needs approval from US authorities.

Smithfield, which will remain a subsidiary of WH Group, has moved to streamline its operations in the US. WH Group acquired the company in 2013, and the combined operation went public in 2014 after raising more than $2 billion.

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Smithfield expects to use the money on capital investments in infrastructure, automation, and expanding packaged meats capacity, according to the filing dated Nov. 18.</p><p>WH Group did not specify a share price or a timeframe for the offering and said it needs approval from US authorities.</p><p>Smithfield, which will remain a subsidiary of WH Group, has moved to streamline its operations in the US. WH Group acquired the company in 2013, and the combined operation went public in 2014 after raising more than $2 billion.</p><p>©2024 Bloomberg L.P.</p></article></body></html>","source":"bnn_bloomberg_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>WH Group to Offer up to 20% of Smithfield Shares in US Listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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