Shuanghui International’s Smithfield Foods Merger Given Green Light

It's happening.
It's happening. Photo: Daniel Acker/Bloomberg via Getty Images

U.S. government approval has been given for Chinese company Shuanghui International Holdings to buy domestic pork producer Smithfield Foods, which, if the outcome of a shareholder vote moves the deal forward on September 24, will make it the largest China-U.S. acquisition of its kind. The Hong Kong–based Shuanghui made a $4.7 billion offer for Smithfield in May, and though the idea of two companies with shifty and shady food-safety records combining forces has been criticized by politicians and food-safety activists alike, it seems as though the world is about to get one giant pork processor taking on some 70 million pigs annually. “This transaction will create a leading global animal protein enterprise,” says Shuanghui CEO Zhijun Yang, who’s apparently also fond of understatements. [Reuters, Earlier, Related]