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Chinese get OK to buy American pork producer

China is bringing home some serious American bacon.

 

Shareholders of Smithfield Foods 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 on Tuesday 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 on 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. 

"We will cease to be the company you saw in the past," Smithfield's CEO Larry Pope told shareholders. "This does not mean the company goes away, the company just enters into a new phase and a new era of its life." 

Smithfield's shares rose one cent to $33.99 in morning trading Tuesday, just short of the buyout offer. 

http://www.nbcnews.com/busines...producer-f4B11243408

 

  I don't buy that much bacon, and now that it's gone sky high I really rarely buy it, but I did buy Smithfield. No more. Now I will try my best to make sure when I do buy bacon, or anything else that was under the Smithfield brands, that it is coming from an American owned company, fed, raised and processed in the US.

Last edited by Bestworking

 

 

Edit:

  I don't buy that much bacon, and now that it's gone sky high I really rarely buy it, but I did buy Smithfield. No more. Now I will try my best to make sure when I do buy bacon, or anything else that it is not under the Smithfield or other brand names associated with the Smithfield name, and that it is comes from an American owned company, fed, raised and processed in the US.

Last edited by Bestworking
Originally Posted by Bamaman1:

WalMart's in cahoots with another Bentonville, Arkansas corporation--Tyson Foods.

 

Tyson has bought up hundreds of pig farms, and is chickenizing the pork industry.

 

It's almost hard to find a decent pig with enough fat to make really good quality pulled pork barbeque.  Modern pigs are truly the other "white meat."

 

+++

 

For several years, a couple of guys in the hunt club have trapped feral piglets.  Some go in the smoker right away and others are fattened up on corn.

 

I'm afraid anytime now, we'll be setting traps in our front yards.

 

Originally Posted by budsfarm:
Originally Posted by Bamaman1:

WalMart's in cahoots with another Bentonville, Arkansas corporation--Tyson Foods.

 

Tyson has bought up hundreds of pig farms, and is chickenizing the pork industry.

 

It's almost hard to find a decent pig with enough fat to make really good quality pulled pork barbeque.  Modern pigs are truly the other "white meat."

 

+++

 

For several years, a couple of guys in the hunt club have trapped feral piglets.  Some go in the smoker right away and others are fattened up on corn.

 

I'm afraid anytime now, we'll be setting traps in our front yards.

 

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You're probably right. On a trip to town I have seen them rooting a lawn just inside the city limits.

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