- Smithfield Foods Inc shareholders voted on Tuesday to allow the company's acquisition by the Chinese firm Shuanghui International Holdings Ltd.
- 96% of the votes cast supported the deal, with those voting representing 76% of Smithfield's outstanding common shares.
- The $4.7 billion sale, which would involve a transaction totaling $7.1 billion with debt is slated to close by September 26.
This deal has had a long hike to completion, as would represent the largest-ever acquisition of a U.S. company by a Chinese firm prompting concerns at The Committee on Foreign Investment in the United States. The acquisition has since gained approval there, as well as with Starboard Value LP, a shareholder that only recently budged on approving the deal. With Tuesday's vote completed, it appears that one of the most important food deals of the year is now ready to be sealed.