HONG KONG (AP) — A Chinese company that is the world’s
biggest pork producer says it plans to raise up to $5.3 billion in an
initial public offering on the Hong Kong stock exchange.
WH Group said late Monday that it is selling 3.65 million shares priced at between 8 and 11.25 Hong Kong
dollars ($1.03-$1.45).
That would raise between $4.1 billion and $5.3 billion for WH Group, formerly known as Shuanghui
International Holdings.
The
company is a pork behemoth after buying the largest U.S. pork company,
Smithfield Foods Inc., less than a year ago for $4.7 billion in cash.
Most of the proceeds from the IPO will be used to pay off the loan that the company took out to buy
Smithfield Foods.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
HONG KONG (AP) — A Chinese company that is the world’s
biggest pork producer says it plans to raise up to $5.3 billion in an
initial public offering on the Hong Kong stock exchange.
WH Group said late Monday that it is selling 3.65 million shares priced at between 8 and 11.25 Hong Kong
dollars ($1.03-$1.45).
That would raise between $4.1 billion and $5.3 billion for WH Group, formerly known as Shuanghui
International Holdings.
The
company is a pork behemoth after buying the largest U.S. pork company,
Smithfield Foods Inc., less than a year ago for $4.7 billion in cash.
Most of the proceeds from the IPO will be used to pay off the loan that the company took out to buy
Smithfield Foods.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.