WH Group execs earn combined $749m in shares for Smithfield deal
Published on Apr 14, 2014 4:48 PM
HONG KONG (Reuters) - WH Group's CEO and another top company executive have been awarded nearly US$600 million (S$749 million) worth of shares for helping the Chinese pork giant secure its US$4.9 billion takeover of United States-based Smithfield Foods last year, its preliminary prospectus showed.
WH Group and some of its shareholders launched an up to US$5.3 billion initial public offering in Hong Kong last week, the second-biggest ever listing by a food and beverage company.
Wan Long, the company's 73-year-old chief executive and chairman who is also known as China's "Chief Butcher", was issued 573.1 million new ordinary shares in October 2013, the filing showed.
Yang Zhijun, an executive director in charge of investment, merger and acquisitions and financing for WH Group, was issued another 245.6 million ordinary shares. The combined share awards to the two executives had an estimated fair value at the time of their granting of US$597 million, the filing showed.
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