Agribusiness Report: Proposed Smithfield Acquisition the Focus on Senate Ag Hearing
The Senate Agriculture Committee met Wednesday to examine the proposed purchase of Smithfield Foods by China’s Shuanghui International. Committee Chair Debbie Stabenow stressed the importance of taking a long-term view of the proposed acquisition – saying the purchase would be precedent-setting as it would represent the largest purchase of a U.S. company by a Chinese firm ever.
The Committee hearing looked at how the government review process of foreign acquisitions of U.S. companies addresses American food safety, protection of American technologies and intellectual property and the effects of increased foreign ownership of the U.S. food supply. Smithfield CEO Larry Pope and experts on U.S. China trade relations, global business, food safety and foreign acquisitions testified before the Committee.