The Senate Agriculture Committee today (July 10) did a little grilling of the world's largest pork processor, worrying the takeover of Smithfield Foods by a Chinese firm would compromise food safety, mean the loss of American jobs and possibly lead to higher pork prices in America.
The pending deal, announced in May, with Shuanghui International, China's largest meat producer, would be worth about $7.1 billion including assumption of debt. That would make it the largest takeover of any U.S. company by a Chinese firm.