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China: Pork firm pays billions for US food co

By  |  May 30, 2013

A $4.7 billion offer has been made Wednesday morning by Chinese pork giant Shuanghui International to purchase Smithfield Foods. According to Smithfield CEO C. Larry Pope, the company will remain intact with its headquarters in Virginia, but that Smithfield will have new, “unprecedented” access to China for its exports. Antitrust regulators both in the US and in China must approve of the deal. Pope noted that pork exports to China will increase but the company’s employees will not be affected.

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