U.S. Lawmakers Holding Hearing On Smithfield Deal
RICHMOND, Va. (AP) -- U.S. lawmakers are set to weigh in on Smithfield Foods' pending takeover by China's largest meat producer.
The Senate Agriculture Committee is set to discuss at a hearing Wednesday the deal struck in May with Shuanghui International.
The committee notice says the hearing will examine the pending purchase of the Smithfield-based company. It'll also examine how the government review process of foreign acquisitions of U.S. companies addresses American food safety and the effects of increased foreign ownership of the U.S. food supply. Smithfield Foods' CEO Larry Pope is set to speak.
The deal is subject to regulatory and shareholder approvals, and 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.