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    288   KYG960071028

WH GROUP LIMITED

(288)
  Report
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 09/21
5.55 HKD   -0.54%
09/09Hong Kong Hang Seng Slumps 2.3% on Renewed Tech Rout
MT
09/09WH : Buys Back, Cancels Nearly 2 Billion Shares
MT
09/08Hong Kong Hang Seng Down 0.1% as Tech Issues Slip
MT
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WH : Smithfield Foods to pay $83 million to settle pork price-fixing claims

06/30/2021 | 03:47pm EDT
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19) in Sioux Falls, South Dakota

(Reuters) - Smithfield Foods Inc said on Wednesday it will pay $83 million to settle litigation that accused several companies of conspiring to limit supply in the $20 billion-a-year U.S. pork market to inflate prices and their own profits.

The settlement with Smithfield resolves antitrust claims by "direct" purchasers such as Maplevale Farms that accused the nation's largest pork companies of having fixed prices beginning in 2009.

Smithfield's settlement requires approval by Chief Judge John Tunheim of the U.S. District Court in Minneapolis.

Keira Lombardo, Smithfield's chief administrative officer, said the settlement eliminates a "substantial portion" of the Smithfield, Virginia-based company's exposure in the litigation.

She also said Smithfield denied liability in agreeing to settle, and believed its conduct was always lawful.

Smithfield's parent WH Group Ltd says it is the world's largest pork producer.

Clifford Pearson, a lawyer for the direct purchasers, declined to comment.

Hormel Foods Corp, the JBS USA unit of Brazil's JBS SA, Tyson Foods Inc and data provider Agri Stats Inc are among the other defendants in the litigation.

Smithfield and those companies are also defendants in related price-fixing litigation in Minneapolis by commercial and other "indirect" pork purchasers, such as restaurants and delis.

The litigation is similar to litigation in federal court in Chicago where purchasers accused companies such as Tyson, Perdue Farms Inc and JBS' majority-owned Pilgrim's Pride Corp of conspiring to fix broiler chicken prices.

The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No. 18-01776.

(Reporting by Jonathan Stempel in New York; additional reporting by Tom Polansek in Chicago; editing by Jonathan Oatis)

By Jonathan Stempel


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
JBS S.A. 1.01% 33.09 End-of-day quote.39.86%
WH GROUP LIMITED -0.54% 5.55 End-of-day quote.-14.62%
All news about WH GROUP LIMITED
09/09Hong Kong Hang Seng Slumps 2.3% on Renewed Tech Rout
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Analyst Recommendations on WH GROUP LIMITED
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Financials (USD)
Sales 2021 26 806 M - -
Net income 2021 1 249 M - -
Net Debt 2021 1 428 M - -
P/E ratio 2021 8,37x
Yield 2021 5,03%
Capitalization 9 130 M 9 130 M -
EV / Sales 2021 0,39x
EV / Sales 2022 0,35x
Nbr of Employees 106 000
Free-Float 58,0%
Chart WH GROUP LIMITED
Duration : Period :
WH Group Limited Technical Analysis Chart | 288 | KYG960071028 | MarketScreener
Technical analysis trends WH GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Last Close Price 0,71 $
Average target price 1,14 $
Spread / Average Target 60,4%
EPS Revisions
Managers and Directors
Gordon Lijun Guo Chief Executive Officer & Executive Director
Long Wan Executive Chairman
Kong Wai Lee Independent Non-Executive Director
Ming Huang Independent Non-Executive Director
Jin Tin Lau Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
WH GROUP LIMITED-14.62%9 146
TYSON FOODS, INC.17.13%27 537
HORMEL FOODS CORPORATION-12.38%22 158
JBS S.A.39.86%15 752
HENAN SHUANGHUI INVESTMENT & DEVELOPMENT CO.,LTD.-45.82%13 634
PILGRIM'S PRIDE CORPORATION46.05%6 933