SMITHFIELD, Va. (AP) — Smithfield Foods Inc. shareholders will vote on the company's takeover by a Chinese company next month.
The Virginian-Pilot reports that the company disclosed plans for a Sept. 24 shareholders meeting in Richmond in a proxy statement filed Monday with the U.S. Securities and Exchange Commission.
The deal with Shuanghui International Holdings Ltd. would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt. It requires the approval of the federal Committee on Foreign Investment in the United States, which reviews overseas transactions for national-security implications.
Officials of the Smithfield-based pork company have promoted the deal as opening the door to substantial increases in exports to China. Critics have voiced worry about persistent problems with food safety in China.
Information from: The Virginian-Pilot, http://pilotonline.com