Paul Hastings, a leading global law firm, announced today that the firm represented Shuanghui International Holdings Limited (“Shuanghui”), the owner of China’s largest publicly-traded meat processing enterprise, in entering into a facilities agreement with Bank of China Limited, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (also known as Rabobank International), Credit Agricole Corporate and Investment Bank, DBS Bank Ltd., Natixis, The Royal Bank of Scotland plc, Standard Chartered Bank (Hong Kong) Limited and Industrial & Commercial Bank of China (Asia) Limited, whereby Shuanghui will obtain approximately US$4 billion in debt financing to fund its pending acquisition of Smithfield Foods (“Smithfield”) (NYSE: SFD), the largest U.S. publicly-traded pork processor and hog producer.
As previously announced in May 2013, Shuanghui and Smithfield entered into a definitive merger agreement whereby Shuanghui would acquire Smithfield pursuant to a merger in which Smithfield shareholders will receive US$34.00 per share in cash for each share of Smithfield common stock that they own. A global team of lawyers from Paul Hastings is advising on all legal issues relating to M&A, employment, finance, global trade and tax in connection with Shuanghui’s proposed acquisition of Smithfield. See our related release here.
The consummation of the merger is conditioned on Smithfield shareholder approval, certain regulatory approvals and other customary closing conditions. In addition, the funding of the US$4 billion credit facility is also subject to approval of the merger by Smithfield shareholders and certain other customary closing conditions.
Raymond Li, Partner and Chair of Greater China, and partners Vivian Lam, Michael Chernick, Mario Ippolito and Garrett Hayes led the Paul Hastings team, with support from associates Fang Pei, Celia Chau, Katherine Watlington and Erika Wan in the Hong Kong office and Andre Gray, Edward Holmes, Nathalia Osorio and Felicia Yen in the New York office.
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