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Food & Beverage

Father-son fight knocks shares of Chinese meatpacker WH Group

Mudslinging that started over CEO succession escalates

WH Chairman Wan Long last week stepped down as chief executive and named Wan Hongwei, a younger son, as deputy chairman.    © Reuters

HONG KONG -- Mudslinging between the chairman of WH Group and his son drove off investors from the world's largest pork producer on Wednesday.

Shares of Hong Kong-listed WH sank 11.3% to HK$5.95, wiping out 11.2 billion Hong Kong dollars ($1.44 billion) of market value. Core subsidiary Henan Shaunghui Investment and Development shed 5.5% to close at 26.29 yuan in Shenzhen, ceding 5.33 billion yuan ($823 million) in value.

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