China's Shuanghui International Holdings Ltd will cut its stake in Spanish packaged meats company Campofrio to less than 30 percent from 37 percent within three months, the company said in a regulatory filing on Friday.
Shuanghui gained control of Campofrio through its $4.7 billion acquisition of U.S. pork giant Smithfield Foods Inc and had to decide whether to launch a full bid for the Spanish company or cut its stake to below 30 percent.
Smithfield Foods shareholders approved the pork giant's sale to Shuanghui on Tuesday, in what is shaping up as the biggest acquisition of a U.S. business by a Chinese company.
Shuanghui gained control of Campofrio through its $4.7 billion acquisition of U.S. pork giant Smithfield Foods Inc and had to decide whether to launch a full bid for the Spanish company or cut its stake to below 30 percent.
Smithfield Foods shareholders approved the pork giant's sale to Shuanghui on Tuesday, in what is shaping up as the biggest acquisition of a U.S. business by a Chinese company.
