Shuanghui to buy US pork producer
By Michael Barris in New York and Joseph Boris in Washington | China Daily | Updated: 2013-05-31 08:12
Acquisition by Chinese firm to help satisfy demand amid safety concerns
In what would be the biggest takeover of a US company by a Chinese buyer, Shuanghui International Holdings Ltd has agreed to pay $4.72 billion to acquire Smithfield Foods Inc, the world's leading pork producer, to meet growing demand for US-made pork.
The transaction, which also includes $2.38 billion in assumed debt, is China's largest cross-border deal since CNOOC Ltd paid $15.1 billion last year for Canadian oil and gas producer Nexen Ltd. It faces regulatory scrutiny because it would bring a major US business under foreign control.
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