During an extraordinary general meeting on Friday, WH Group received shareholder approval for the spin-off of Smithfield Foods, Inc., and a separate listing on either the New York Stock Exchange or Nasdaq Stock Market in the United States.

The final structure of the Proposed Spin-off and the listing of the Smithfield Shares are subject to, among other things, the approval of relevant authorities (including the U.S. Exchange and the SEC), market conditions and other considerations.

The world’s largest pork processor expects the offering to be no less than the unit’s net asset value as of Sept. 30, which was $5.38 billion.

Based on the board’s preliminary estimate, the firm will list up to 20% of its shares in the U.S. listing. The company’s shareholding in Smithfield is expected to decrease to approximately 80%, and Smithfield will remain as a subsidiary of the company.

The firm notes the spinoff enables the Post Spin-off Group and the Smithfield Group to adopt tailored business strategies and be more responsive to market changes and opportunities specific to the businesses of the relevant group. Upon completion, the Smithfield Group will principally engage in the U.S. and Mexico business while the Post Spin-off Group will engage in the China and Europe business.

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WH Group acquired Smithfield Foods in 2013 for $4.7 billion.