China's largest acquisition to date of a U.S. company, Smithfield Foods, is raising among market watchers who question China's interest in taking possession of one of America's largest food producers.
The deal drew the attention of a congressman from Smithfield's home state, Rep. Randy Forbes, (R.-Va.), who said he plans to follow the deal for the world's biggest pork producer "closely."
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Forbes said in a statement Wednesday that the agreement warrants "robust analysis and review to ensure the safety and security of America's citizens as well as the preservation of national economic interests, food safety, and environmental standards."
Smithfield Foods announced Wednesday that it entered into a definitive merger agreement to be bought by Shuanghui International, the majority shareholder of Henan Shuanghui Investment & Development, the largest meat-processing company in China by market capitalization. Shuanghui trades on the Shenzhen stock exchange.