(Reuters) – Hong Kong-based WH Group, the world's largest pork producer, said on Friday its shareholders had approved the spinoff of Smithfield Foods into a U.S.-listed company.
WH Group said 99.4% of its shareholders voted in favor of the company's proposed spin-off of Smithfield Foods last month.
At that time, WH Group also said that Smithfield Foods' pre-money underlying valuation would be at least equal to its net asset value, which was around $5.38 billion at the end of September.
WH Group submitted its spinoff application in July, with plans to list Smithfield Foods on the New York Stock Exchange or Nasdaq.
He did not provide further details Friday.
(Reporting by Roshan Thomas in Bangalore; Editing by Savio D'Souza)
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