The head of Smithfield Foods Inc. is trying to ease concerns that the
proposed takeover of the world's largest pork producer by a Chinese
company would pose risks to the U.S. food supply.
CEO Larry Pope testified Wednesday at a Senate Agriculture Committee hearing on the pending deal struck in May with Shuanghui International, China's largest meat producer. The plan, which is subject to federal and shareholder approvals, is expected to close later this year. It would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.
Committee Chairwoman Debbie Stabenow said the proposed purchase of the Smithfield, Virginia-based company raises many questions, including the impact on food safety and security. She also said the precedent-setting transaction prompts reservations about the government review process of foreign acquisitions of U.S. companies.
http://abcnews.go.com/US/wireStory/smithfield-ceo-addresses-concerns-deal-19630548#.Ud5l5lO9yZg
CEO Larry Pope testified Wednesday at a Senate Agriculture Committee hearing on the pending deal struck in May with Shuanghui International, China's largest meat producer. The plan, which is subject to federal and shareholder approvals, is expected to close later this year. It would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.
Committee Chairwoman Debbie Stabenow said the proposed purchase of the Smithfield, Virginia-based company raises many questions, including the impact on food safety and security. She also said the precedent-setting transaction prompts reservations about the government review process of foreign acquisitions of U.S. companies.
http://abcnews.go.com/US/wireStory/smithfield-ceo-addresses-concerns-deal-19630548#.Ud5l5lO9yZg
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