China                                    ...

China                                                                                            

China's Largest Meat Processor Bought By Goldman Sachs

According to the Wall Street Journal and other sources, A Goldman Sachs Group, Inc. consortium has won the bidding for China's biggest meat-processing company, Shuanghui Group, with a bid of about two billion yuan, or $250 million.  The firm was put up for sale in early March by its parent, the Luohe State-owned Assets Supervision and Administration Commission of Luohe City, Henan Province.  Shuanghui reported revenue of 13.46 billion yuan ($1.66 billion) and a net profit of 371 million yuan ($45.8 million) in its most recent financial statement.  The group is ranked 131st among China's top 500 large-scale enterprises and is No. 1 in the meat industry according to statistics compiled by the China Meat Association.  Shuanghui holds more than a 50 percent market share of China's high temperature processed meat products market.  Analysts believe the Shuanghui brand is valued at 10.6 billion yuan ($1.3 billion).  The State-owned Assets Supervision and Administration Commission of the State Council and the China Securities Regulatory Commission still must approve the transaction.  Analysts have noted that Goldman Sachs owns a share of Shuanghui's main competitor, China Yurun Food Group Ltd., and that this could complicate the completion of the transaction.

China                                                                                            

China's Largest Meat Processor Bought By Goldman Sachs

According to the Wall Street Journal and other sources, A Goldman Sachs Group, Inc. consortium has won the bidding for China's biggest meat-processing company, Shuanghui Group, with a bid of about two billion yuan, or $250 million.  The firm was put up for sale in early March by its parent, the Luohe State-owned Assets Supervision and Administration Commission of Luohe City, Henan Province.  Shuanghui reported revenue of 13.46 billion yuan ($1.66 billion) and a net profit of 371 million yuan ($45.8 million) in its most recent financial statement.  The group is ranked 131st among China's top 500 large-scale enterprises and is No. 1 in the meat industry according to statistics compiled by the China Meat Association.  Shuanghui holds more than a 50 percent market share of China's high temperature processed meat products market.  Analysts believe the Shuanghui brand is valued at 10.6 billion yuan ($1.3 billion).  The State-owned Assets Supervision and Administration Commission of the State Council and the China Securities Regulatory Commission still must approve the transaction.  Analysts have noted that Goldman Sachs owns a share of Shuanghui's main competitor, China Yurun Food Group Ltd., and that this could complicate the completion of the transaction.