U.S. clears Smithfield's acquisition by China's Shuanghui

[Eugene]

Source: Reuters

U.S. clears Smithfield's acquisition by China's Shuanghui

Fri Sep 6, 2013 8:43pm EDT

(Reuters) - The U.S. Committee on Foreign Investment has cleared the way for Shuanghui International Holdings Ltd's proposed $4.7 billion acquisition of Smithfield Foods Inc, the companies said on Friday.

The deal, which would be the biggest purchase of a U.S. company by a Chinese firm, still needs shareholder approval at a special meeting scheduled for September 24.

Shuanghui and Smithfield expect the transaction, valued at $7.1 billion including debt, 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.

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Read more: http://www.reuters.com/article/2013/09/07/us-usa-china-smithfield-idUSBRE98513I20130907

[jtuck004]

1. Eeeewww...wonder if they will treat it like they do dogfood?

Especially when interest rates start going up and they start laying off people and cutting costs to pay that debt...

[pscot]

2. China imports a lot of pork

Between bad water, bad weather and general degradation of their environment, they can't feed themselves any more. this may be a net win for all concerned.