Smithfield Foods sale to Chinese firm gives US pork giant entry to China
China‘s Shuanghui International has made a $4.7bn bid to takeover Smithfield Foods, the world’s largest pork producer, in what would be the biggest takeover of a US company by a Chinese firm to date – if it passes regulatory hurdles.
The deal is likely to run into heavy opposition in Washington, where a series of Chinese takeovers have been blocked by politicians and regulators. Shuanghui, also known as Shineway, is China’s largest pork producer and is part owned by an investment firm run by Goldman Sachs.
A takeover would give Smithfield entry into China, the biggest and fastest growing market for pork. Per-capita pork consumption last year was 86 pounds, up from 70 pounds in 2002, according to Northstar Commodity Investment. In the US consumption was 58 pounds last year, down from 66 pounds in 2002.
And as demand has risen China’s domestic pig farmers have been subject of scandals with thousands of dead pigs found dead in Chinese rivers, disease outbreaks and illnesses.
CONTINUE READING AT: http://www.guardian.co.uk/business/2013/may/29/smithfield-pork-shuanghui-chinese-takeover
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