Wed May 29, 2013 07:12 AM CDT

NEW YORK (AP) -- Chinese meat processor Shuanghui International Holdings Ltd. has agreed to take Smithfield Foods private for approximately $4.72 billion.

Shareholders of Smithfield, the world's biggest pork producer, will receive $34 per share. This is a 31% premium to the Smithfield, Va., company's closing stock price of $25.97 on Tuesday.

The companies put the deal's total value at about $7.1 billion, including debt.

Smithfield Foods Inc. -- whose brands include Armour, Farmland and its namesake -- has about 138.8 million outstanding shares, according to FactSet.

Both companies' boards have unanimously approved the transaction, which still needs approval from ...

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