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Smithfield Foods to be bought by Chinese firm Shuanghui International
Smithfield Foods, whose signature hams helped make it the worldâ€™s largest pork producer, is being bought by a Chinese firm in a deal that marks Chinaâ€™s most significant takeover of an American consumer brand.
The $7.1 billion takeover by Shuanghui International touches several sensitive fronts at once â€” the quick rise of Chinese investment in the U.S., the acquisition of Smithfieldâ€™s animal genetic and other technology by a country considered Americaâ€™s chief global competitor, and the wisdom of giving a major Chinese food company a foothold in the U.S....