Chinese plans to purchase America's Smithfield Foods - the world's biggest pork producer - will face intense scrutiny on Wednesday when U.S. senators question Smithfield's chief executive about food safety and foreign ownership.The proposed $4.7 billion purchase by Shuanghui International would be the largest acquisition ever of a U.S. company by a Chinese concern. Experts on the U.S. review process expect the deal to be approved despite opposition from farmers, food-safety groups and rural communities.Smithfield chief executive Larry Pope has vigorously defended the deal since it was announced in May and said it would not harm U.S. security or food safety."Shuanghui recognizes Smithfield's best-in-class operations, outstanding food safety practices and 46,000 hard working employees," Pope said in May. "There will be no impact on how we do business operationally in America and around the world as a result of this transaction."
Smithfield Foods, Inc. produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. Shares of SFD remained unchanged at $32.86. In the past year, the shares have traded as low as $17.55 and as high as $33.96. On average, 5189940 shares of SFD exchange hands on a given day and today's volume is recorded at 0.
Source
