Smithfield Foods takeover before Senate committee Wednesday - WSLS 10 NBC in Roanoke/Lynchburg Va

Smithfield Foods takeover before Senate committee Wednesday

Posted: Updated:

MICHAEL FELBERBAUM
AP Business Writer

    
RICHMOND, Va. (AP) - U.S. lawmakers are set to weigh in on Smithfield Foods Inc.'s pending takeover by China's largest meat producer.
    
The Senate Agriculture Committee is set to discuss at a hearing Wednesday the deal struck in May with Shuanghui International.
    
The committee notice says the hearing will examine the pending purchase of the Smithfield, Va.-based company. It also will examine how the government review process of foreign acquisitions of U.S. companies addresses American food safety and the effects of increased foreign ownership on the U.S. food supply. Smithfield Foods' CEO Larry Pope is set to speak.
    
The deal, which is subject to regulatory and shareholder approvals, is expected to close later this year. It would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.
    
Members of the committee have previously raised questions over the proposed deal. They also asked the Treasury Department to include both the U.S. Department of Agriculture and the Food and Drug Administration in the government's review of the sale.
    
The proposed deal comes at a time when China has had serious food safety concerns, some of which have included Smithfield's suitor.
    
Smithfield has said the deal isn't about importing Chinese pork into the U.S. Instead, the company said it's a chance to export into new markets with its brands, such as Smithfield, Armour and Farmland.
    
Various groups and several other state and federal lawmakers have also raised concerns about the buyout.
    
A coalition of farm, consumer and rural organizations sent a letter to Treasury Secretary Jacob Lew, Secretary of State John Kerry and others this week urging the Committee on Foreign Investment in the United States to oppose the bid. The groups, including the National Farmers Union, said the takeover poses significant potential threats to the safety of the U.S. food supply.

  • Most Popular StoriesMost Popular StoriesMore>>

  • April Mugshots

    April Mugshots

    Tuesday, April 22 2014 2:42 PM EDT2014-04-22 18:42:32 GMT
    Thomas Allen WinstonThomas Allen Winston
    The following are mugshots and charges of individuals arrested between April 1-4 by the Sullivan County Sheriff's Office.
    The following are mugshots and charges of individuals arrested between April 1-4 by the Sullivan County Sheriff's Office.
  • Update: Roanoke police investigating shooting in Schewels parking lot

    UPDATE: Roanoke police investigating shooting in Schewels parking lot

    UPDATE: Roanoke police investigating shooting in Schewels parking lot

    Thursday, April 24 2014 4:19 PM EDT2014-04-24 20:19:31 GMT
     Roanoke Police are investigating after a man was shot in the Schewels parking lot on the 3600 block of Ferncliff Avenue. Police says it does not appear to be a random act. One man was shot and taken to the hospital.
     Roanoke Police are investigating after a man was shot in the Schewels parking lot on the 3600 block of Ferncliff Avenue. Police says it does not appear to be a random act. One man was shot and taken to the hospital.
  • March Mugshots

    March Mugshots

    Monday, April 7 2014 12:49 PM EDT2014-04-07 16:49:38 GMT
    Michelle Marie Bussiere was arrested last week and charged with identity theft, forgery, theft under $500, among other charges.  (Source: Sullivan County Sheriff's Office)Michelle Marie Bussiere was arrested last week and charged with identity theft, forgery, theft under $500, among other charges. (Source: Sullivan County Sheriff's Office)
    This photo gallery features mugshots of individuals arrested in northeast Tennessee and southwest Virginia. 
    This photo gallery features mugshots of individuals arrested in northeast Tennessee and southwest Virginia. 
Powered by WorldNow

WSLS 10, P.O. Box 10
Roanoke, VA 24022-0010

Telephone: 540.981.9110
Fax: 540.343.3157
Email: news@wsls.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.