Committee on Foreign Investment approves Shuanghui-Smithfield merger
The deal remains subject to Smithfield shareholder approval and other standard closing conditions.
The proposed takeover of Smithfield Foods by Shuanghui International received clearance from the Commitee on Foreign Investment in the United States (CFIUS), an interagency committee that reviews the national security implications of foreign investments in US companies or operations. The companies also announced they received governmental merger clearance in Ukraine.
The deal won't be complete until Smithfield's shareholders vote at a special meeting on September 24. Under the terms of the merger agreement, Smithfield stockholders would receive $34 per share in cash. Smithfield would continue to operate its own brands as a wholly owned subsidiary of Shuanghui.