China's Shuanghui acquires US pork firm for $4.7 billion
May 30 , 2013
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.