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US/China: Senators grill Smithfield CEO over buyout to China

By  |  July 11, 2013
US/China: Senators grill Smithfield CEO over buyout to China

The US Senate’s Agriculture Committee expressed concern over the planned buyout of Smithfield Foods from Chinese conglomerate Shuanghui International Holdings as the committee’s chairman Debbie Stabenow said she was concerned that production techniques for the US pork market entering China could hamper competition for the country. While reports say Congress does not intend to block the deal, the Senate committee held a meeting to express these concerns to Smithfield CEO Larry Pope. Smithfield is the US’s largest port producer. Its sale to the Chinese firm, made for $4.7 billion, will be the largest buyout of a US firm made by a Chinese conglomerate.

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    Full Content: Reuters

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