Committee paves way for Chinese takeo...

Committee paves way for Chinese takeover of Smithfield Farms

Posted in the Chicago Forum


Matawan, NJ

#1 Sep 7, 2013
Committee paves way for Chinese takeover of Smithfield Farms
September 6, 2013 | 9:06PM ET

The deal, subject to shareholder approval, would be the largest Chinese acquisition of a US company

Farmland pork products on sale at a supermarket in Pico Rivera, Calif. Farmland is owned by Smithfield Foods Inc, the biggest pork producer in the world.

A U.S. executive branch committee Friday approved Shuanghui International Holdings Ltd.'s proposed $4.7 billion acquisition of Smithfield Farms, clearing the way for what would be the biggest purchase of a U.S. company by a Chinese firm to date.

The deal still needs shareholder approval at a special meeting scheduled for Sept. 24. Shuanghui and Smithfield expect the transaction to close shortly after that meeting.

Experts in Washington and on Wall Street had expected the deal to get the nod from the Committee on Foreign Investment in the United States (CFIUS), an inter-agency executive branch panel that examines foreign investment for potential threats to national security.

They also do not expect a move by a major investor to block the deal.

The U.S. company, which is based in Smithfield, Va., is the world's largest pork producer and processor. Its sale to Shuanghui comes at a time of serious food safety problems in China, some of which have involved Shuanghui, which owns food and logistics enterprises and is the largest shareholder of China's biggest meat processor.

I wonder if they are going to poison our meat like they did the dog food. Eat pork that says made in China.
you hate the truth

Crosby, TX

#2 Sep 7, 2013
this country would sell its soul for a dollar.

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