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US: Congressmen warn DOJ against Smithfield Foods buyout

By  |  June 28, 2013

Two congressmen have sent a letter to the US Department of Justice and to Assistant Attorney General Baer regarding their concerns over the planned buyout of Smithfield Foods by a Chinese firm. Congressman J. Randy Forbes (VA-04) and Congressman Frank Wolf (VA-10) issued the letter outlining disapproval of the acquisition by Shuanghui International, specifically with regards to the impact the deal could have on free trade agreements and the food supply. The letter requested a full, thorough review of the deal, which would mark the largest buyout of a US company by a Chinese firm, noting that the acquisition “may actually be an anticompetitive merger that would harm both competition and consumers.” The deal was first announced on May 29 of this year.

Full Content: MenaFN.com

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