Feedstuffs magazine reports:
WH Group submitted an application to the U.S. Stock Exchange on Friday regarding the proposed spin-off of the businesses of Smithfield Foods, Inc. operated in the United States and Mexico for separate listing on either the New York Stock Exchange or Nasdaq Stock Market in the United States.
To view WH Groups statement click here.
Following the completion of the proposed spin-off, WH Group expects Smithfield U.S. and Mexico to remain as a subsidiary of the company and its financial results will continue to be consolidated into the company’s financial results.
The details of the proposed spin-off have not yet been finalized. WH Group will make further announcements pursuant to the requirements under the listing rules when appropriate.
Shareholders and potential investors should note that the proposed spin-off is subject to, among other things, the approval from the Stock Exchange, the final decision of the board, and review by the U.S. Securities and Exchange Commission, and there is no assurance that proposed spin-off will take place or as to when it may take place. Accordingly, shareholders and potential investors are reminded to exercise caution when dealing in the securities of the company.
To read the entire report click here.
