| Business

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Smithfield Foods owner nixes IPO

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

By The Associated Press
Wednesday, April 30, 2014, 12:01 a.m.

Chinese pork giant WH Group, which bought Smithfield Foods last year, is shelving its $5.3 billion Hong Kong IPO as investor demand sags amid rocky financial markets, the company said Tuesday.

The decision to abandon the share offering complicates the company's efforts to pay off loans it took out to complete the takeover of Smithfield, a deal that turned it into a global butcher with the means to source cheap American pork to feed rising demand in China.

“In light of deteriorating market conditions and recent excessive market volatility, the company ... has decided that the global offering will not proceed at this time,” it said in a brief statement posted on the Hong Kong stock exchange's website.

A company spokeswoman in Hong Kong declined to comment.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Coal’s upside? Things can’t get much worse after a dire 2015
  2. 2,000 more layoffs at U.S. Steel debated
  3. UAW threatens strike at Fiat Chrysler
  4. Finding balance key to PNC Capital Markets chief’s success
  5. European court spikes data deal
  6. ATI expects quarterly loss of $142M
  7. IMF predicts global economic growth will shrink
  8. Advanced safety features on more and more vehicles can baffle drivers
  9. Patriot Coal expects to lay off more than 2,000 workers in W.Va.
  10. Eat’n Park sells Cura division that serves hospitals and senior living
  11. Rally in energy shares fails to lift market as biotech freefall continues