US pork giant Smithfield now officially owned by a Chinese meat processor

Smithfield Foods shareholders overwhelmingly approved on Tuesday the $4.7 billion purchase of the pork giant by a Chinese meat processor, clearing the last remaining major hurdle to close the deal.

More than 96% of the votes, representing 76% of shares outstanding, were cast in favor of the purchase by Shuanghui International. Smithfield announced in May it would be acquired by Shuanghui for $34 a share, the largest takeover of a U.S. company by a Chinese firm.

Washington lawmakers have expressed concerns that the purchase of Smithfield by a Chinese company could squeeze U.S. pork supply as more of the meat goes overseas while leaving the U.S. susceptible to food safety concerns that have plagued Chinese companies, including Shuanghui. They also have worried that the acquisition would lead to additional takeovers of U.S. food companies by Chinese firms. Read more >>