Chinese execs get $600M "reward" in Smithfield buyout

[unhappycamper]

http://hamptonroads.com/2014/04/chinese-execs-get-600m-reward-smithfield-buyout



A pig statue sits outside the offices of Smithfield Foods in Smithfield, Va., on Wednesday, May 29, 2013.

Chinese execs get $600M "reward" in Smithfield buyout
By Dave Mayfield
The Virginian-Pilot
© April 15, 2014

Two top executives of the Chinese company that last year bought Smithfield Foods Inc. were given stock worth nearly $600 million as a "reward" for orchestrating the takeover, according to a regulatory filing in Hong Kong.

WH Group, the Chinese company, which was known as Shuanghui International Holdings at the time of the buyout, said it issued the shares to Wan Long, its 73-year-old CEO, and Yang Zhijun, its executive in charge of mergers and acquisitions. Yang is 40 years old.

Wan was issued 573.1 million "ordinary shares" in the company, or about 70 percent of the stock award, while Yang got 245.6 million shares. WH Group said the total value of the shares that the two received was $597 million.

It said the payouts were "to recognize and reward their contributions" in the $7.1 billion takeover of the Smithfield-based company, America's top pork processor.

[pscot]

1. This is not vulture capitalism

so stop saying that.