NEWS
Chinese Pork Giant Shelves IPO
Tue Apr 29, 2014 01:18 PM CDT

HONG KONG (AP) -- Chinese pork giant WH Group, which bought U.S. producer Smithfield Foods last year, is shelving its multibillion-dollar 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 U.S. pork to feed rising demand in China.

"In light of deteriorating market conditions and recent excessive market volatility, the company, having consulted the joint sponsors, ...

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