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Smithfield shareholders to vote on Shuanghui deal

Tuesday - 9/24/2013, 4:03am  ET

AP Business Writer

RICHMOND, Va. (AP) -- Shareholders of Smithfield Foods are set to vote on a deal to sell the pork producer to a Chinese company.

The Smithfield, Va.-based company is holding a Tuesday meeting in Richmond for shareholders to weigh in on Shuanghui International Holdings Ltd.'s $34 per share offer.

The deal announced in May would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.

Smithfield Foods Inc.'s largest shareholder said last week it would vote in favor of the deal after failing to find an alternative bidder.

A U.S. committee that reviews mergers between American companies and those overseas has given clearance to the deal.

The buyout comes amid food safety problems in China. Shuanghui is the largest shareholder of China's biggest meat processor.

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