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Chinese pork firm executives get $747m reward for Smithfield deal

Published on Apr 15, 2014 8:30 PM
 
Some of the products of WH Group are displayed in front of maps of Europe and China at a news conference on the company's IPO in Hong Kong on April 14, 2014. Chinese pork producer WH Group has issued shares worth US$597 million (S$747 million) to two of its executives as a reward for their contribution in the acquisition of US giant Smithfield Foods, a company filing showed. -- PHOTO: REUTERS

SHANGHAI (AFP) - Chinese pork producer WH Group has issued shares worth US$597 million (S$747 million) to two of its executives as a reward for their contribution in the acquisition of US giant Smithfield Foods, a company filing showed.

WH Group, formerly known as Shuanghui International Holdings, is the world's largest pork producer, and the company is seeking a Hong Kong listing to raise more than US$5 billion in what would be the world's biggest initial public offering (IPO) for a year.

In a listing document published on Tuesday on the WH Group website, the firm said chief executive and chairman Wan Long was issued 573.1 million shares last October.

Mr Yang Zhijun, an executive director in charge of investment, mergers and acquisitions, was also issued 245.6 million shares in the same month, the document showed.

 
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