Committee on Foreign Investment to review Smithfield deal for a second time
The secondary review is expected to last 45 days.
Smithfield Foods says the Commitee on Foreign Investment in the United States will undertake a second review of the pork company's impending buyout by Chinese firm Shuanghui International Holdings Ltd. The $4.7 billion deal would be the largest takeover of an American company by a Chinese one, but has remained stalled in the regulatory approval phase after the deal's initial 30-day review. Observers have raised concerns about lax food safety standards in China and the deal's potential impact on global pork prices. Both Shuanghui and Smithfield say they won't comment further until the review is complete.