Smithfield agrees to $4.7 billion bid from Shuanghui
Smithfield Foods will be acquired by Hong Kong based International Holdings Ltd Shuanghui for about 7.1 billion including debt with a 34 per share price a 31 percent premium. The deal faces U S regulatory review and shareholder approval and would mark the largest take over of a U S company by a Chinese firm. Smithfield intends to keep its brands and expand into new markets.
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Smithfield Foods Inc
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Cens Byee International Holdings Ltd
Ina
Smithfield
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Paul Mariani
Variant Capital Advisors
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Continental Grain Co
Ting
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China Investment Corp
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Texas
Shuanghui International Holdings Ltd
US banks post record Q1 earnings of 40.3 billion
US banks earned a record 40.3 billion in the first quarter as fees rose and loan losses fell. Big banks with assets over 10 billion dominated earnings, while many smaller banks lagged. Lending declined while fee income rose amid low interest rates and ongoing post crisis adjustments.
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Washington
U.S
Federal Deposit Insurance Corp
Bank of America Corp
Citigroup Inc
Jpmorgan Chase & Co
Wells Fargo & Co
FDIC
Martin Gruenberg
Federal Reserve
Fed
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