Smithfield Foods Inc. says the federal government is conducting a secondary review of its pending takeover by China's largest meat producer.
Smithfield Foods Inc. says the federal government is conducting a secondary review of its pending takeover by China’s largest meat producer.
The Smithfield, Va.-based company said Wednesday that the Committee on Foreign Investment in the United States plans to conduct an additional 45-day investigation.
The committee reviews proposed foreign acquisitions of U.S. companies for national security concerns. It can conduct a subsequent investigation after its initial 30-day review.
Smithfield says it and its suitor, Shuanghui International Holdings Ltd., don’t plan to comment further on the confidential review process.
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The deal, which is subject to regulatory and shareholder approvals, is expected to close in the second half of the year. It would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.