Um. Uh-oh. There goes the bacon.

China buys Smithfield.

Smithfield Receives U.S. Approval for Biggest Chinese Takeover

Smithfield Foods Inc. (SFD), the world’s largest hog and pork producer, said U.S. regulators will allow the company to be bought by China’s Shuanghui International Holdings Ltd. in what would be the biggest Chinese purchase of a U.S. firm.

“This transaction will create a leading global animal protein enterprise,” Zhijun Yang, Chief Executive Officer of Shuanghui International, said in a joint statement from both companies released yesterday.

Smithfield Foods Inc. brand sliced deli ham sits on display at a supermarket in Princeton, Illinois. Photographer: Daniel Acker/Bloomberg

The Committee on Foreign Investment in the U.S., or CFIUS, approved the transaction and it will be voted on by Smithfield shareholders at the company’s annual meeting Sept. 24. The government of Ukraine also approved the deal, according to the statement.

Shuanghui, based in Hong Kong, said May 29 it would buy Smithfield for $4.72 billion in a deal that has drawn scrutiny from senior members of Congress in both U.S. political parties, including Senate Finance Committee Chairman Max Baucus, a Democrat from Montana, and Orrin Hatch, a Republican from Utah, who had asked for a “thorough review” of the plan.

Read the rest of the article here.

Let’s see, no domestic ownership or control of food production AND our country’s biggest creditor does.  I’m starting of list of, gee, what could go wrong with this . . . . put your item in the combox.

How ’bout 我們被擰緊 for starters.


HT to A. Barnhardt