史密斯菲尔德食品出售 一场真正的变革

　　Smithfield Foods Sale is a Real Game Changer

　　史密斯菲尔德食品公司出售，一场真正的变革

　　Smithfield Foods has agreed to a $4.7 billion takeover by China’s Shuanghui International.

　　史密斯菲尔德食品公司已同意以$47亿美元出售给中国的双汇国际。

　　Smithfield is the world’s largest pork producer. It had total sales of 12.1 billion in fiscal 2012. Smithfield has approximately 1.1 million sows worldwide.

　　史密斯菲尔德是世界上最大的猪肉生产商。它在2012财年的总销售额为121亿美元。史密斯菲尔德在全球拥有约110万头母猪。

　　The total purchase price when considering the assumption of existing debt, values Smithfield at approximately 7.1 billion. Shuanghui International is the majority shareholder of Henan Shuanghui Investment and Development Co. (Shineway) which is China’s largest publicly traded meat products Company.

　　考虑到现有债务以及史密斯菲尔德的估值，总收购价约7.1亿元。双汇国际是河南双汇投资发展股份有限公司（双汇）的大股东，这是中国最大的肉制品上市公司。

　　The purchase price of $34.00 per share cash is a 31% premium over the closing stock price on May 28, the last trading day prior to the announced sale.

　　根据宣布出售前的最后一个交易日（5月28日）的收盘价，每股$34.00美元的现金购买价的溢价为31％。

　　“We are pleased to have reached this agreement with Smithfield, which represents an historic opportunity for both companies and stakeholders.” Said Shuanghui Chairman Wan Long (no relation to this Jim Long) “Shuanghui is a leading pork producer in China and a Pioneer in the Chinese meat processing industry with over 30 years of history. Smithfield is a leader in our industry and together we will be able to meet the growing demand in China for pork by importing high-quality meat products from the United States, while continuing to serve markets in the United States and around the world. The combination creates a company with an unmatched set of assets, products and geographic reach.”

　　“我们很高兴能和史密斯菲尔德达成协议，这对我们俩家公司和双方股东都是一个历史性的机会。”双汇董事长万隆说：“双汇拥有三十多年的历史，是中国领先的猪肉生产商，是中国肉类加工业的领头羊。而史密斯菲尔德也是这个行业里的佼佼者，合作后我们可以通过从美国进口高质的肉类产品，来满足中国对这方面日益增长的需求。同时，我们也可以继续服务美国和世界其他地区的市场。合作后我们在资产、产品和经营范围方面将无人可及。”

　　Our observations on the Potential Purchase:

　　我们对这起意向收购的看法：

　　Chinese authorities have told us in the last few months that they expect the need to import 10-15% of their pork needs in the future as demand for pork for the 1.3 billion people will not be met by Chinese Domestic production. That percentage is the equivalent pork of 60-90 million market hogs per year. In one move by purchasing Smithfield, China has acquired production infrastructure and know how to control the pork of over 30 million hogs per year. China will control supply and be beneficiary of not only Smithfield’s profits but profits from the importing of the meat. This transaction has an economic, social and political context in China as Pork is a staple that there can be no shortage. To build Smithfield from scratch 1.1 million sows, packing plants, logistics and know how is next to impossible in less than a decade. One move all done. For the North American Industry we see the transaction as a positive. China will be importing pork with this investment, we doubt if there will be trade issues that will restrict access to China’s market. Any pork that leaves America is price supporting, the deal we expect will add 5 cents a pound to North American Hog Markets for the next 5-10 years.

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