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China's Shuanghui acquires US pork firm for $4.7 billion

  • China's Shuanghui International has acquired US pork firm Smithfield Foods for $4.7 billion.

    The two firms are the biggest pork companies in their respective countries.

    Shuanhui agreed to pay cash for the Virginia-based firm, which includes debt, and values Smithfield Foods at $7.1 billion.

    The deal is the largest ever takeover of an American company by a Chinese rival.

    However, Smithfield has another month to hold talks with other interested buyers.

    Thailand's Charoen Pokphand Foods earlier said it had considered bidding for the company.

    Tagged as: US pork firm, Shuanghui, China's Shuanghui, China's Shuanghui International