RICHMOND, Va. — Shareholders of Smithfield Foods Inc. on Tuesday approved a plan to sell the world’s largest pork producer and processor to a Chinese company.
The Smithfield, Va.-based company said more than 96 percent of the votes cast during a special meeting in Richmond were in favor of Shuanghui International Holdings Ltd.’s $34 per share offer, or $4.72 billion in cash.
The deal, which is expected to close Thursday, will be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt. Its sale to Hong Kong-based Shuanghui comes at a time of serious food safety problems in China, some of which have involved Shuanghui, which owns food and logistics enterprises and is the largest shareholder of China’s biggest meat processor.
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9 comments:
what just happened on Rt 50 Hebron ? Sirens an the MSP Chopper
get ready for ham with anti-freeze in it.
Compromising with the communist Chinese, I'm so proud of American business.
The ham will still be raised in America. Asian folk love the stuff, and this company will make a killing by it bringing it to the far east at cost.
The Asian hog market is a whole lot bigger than the market in America. More than likely, what it'll mean is higher prices for Smithfield hams here stateside. I never found their product to be that good anyway, and haven't bought a Smithfield ham in decades. I do expect other domestic suppliers to raise their prices as well, when Smithfield does.
I guess I'll be buying more pork from the guys in Tyaskin. Rather give them my money and keep it right here on the Eastern Shore.
12:02 is on the money...like 5:46 said - I want edible stuff in my food only!
here here 1202. Instead of the usually political shouting matches, these are the type of grass roots solutions we should be following to "take back" our (the american people's) country.
The pigs/hogs will be raised right here in the US. That's because China doesn't allow factory farming and won't allow all the waste it produces (with the drugs and chemicals fed to the animals) to contaminate their soil.
It's a shame we are allowing ourselves to become a wasteland for China's benefit.
If at all possible do buy your meat from a real family farm and not one contracted out to a corporation. That stuff's not even fit for dogs anyway.
Smithfield is just 12% solution anyway. It doesn't even taste like pork anymore! Do yourself a favor, try a taste test from a local organic farm store (They really don't charge that much more) or even a Giant store who still cuts their own fresh against Smithfield pork, and it's a 100% difference.
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