China buys World's largest pork producer.

uk.news.yahoo.com...

From a US Corporation that produced 6.5 billion pounds of pork last year..

"
A Chinese company has agreed a multi-billion dollar deal to buy the biggest pork producer in the US.

Shuanghui International said it would pay a premium to buy US meats icon Smithfield Foods for \$4.7bn (£3.1bn).

The acquisition appears to have been planned for some time because Smithfield weaned the first of its animals off a controversial feed additive last year.

Shuanghui, which controls China's largest meat-processing company, will pay cash and assume debt in a deal that values Smithfield at \$7.1bn (£4.6bn).

Shares in Smithfield rose more than 30% on news of the takeover.

Both companies said that Shuanghui's goal was to access US pork supplies for the giant Chinese market and that Smithfield's management would stay in place.

"Chinese consumers like American pork. US farmers want to export their pork," Shuanghui managing director Yang Zhijun said.

"Together we can be a global leader in animal protein ... No other combination has such a great opportunity."

I guess we will paying even more for our pork now?

Corn shortages and increased prices due to mandated ethanol use in gasoline has already raised prices. Will the Chinese be shipping a lot more of our pork to Asia now, thereby raising prices due to increased demand?

I couldn't care less about who owns that company, but I fear for the little piggies. If they haven't been treated the best they could before [something I am sure of], they certainly will not be treated any better with the Chinese at the rudder. Whilst individual Chinese people can be very animal loving, the same does not go for large companies.

The Chinese have purchased the US Congress?

Interesting, did the Israelis give them a discount??

Originally posted by supremecommander
The Chinese have purchased the US Congress?

Interesting, did the Israelis give them a discount??

Good one!
They did buy the Clinton Administration way back when....

Smithfield's headquarters will remain in Virginia and the current management team will remain in place. There are no plans to shutter any Smithfield facilities. "It will be business as usual - only better - at Smithfield," Pope said. "We do not anticipate any changes in how we do business operationally in the United States and throughout the world."

www.usnews.com...

Maybe for the next 3 to 6 months.

Nothing ever remains the same when a company is bought out.

Since 1936

Other brands under the Smithfield umbrella include Armour, Eckrich, and Healthy One. The company's history dates back to 1936 when the Luter family set up shop in Virginia

www.usnews.com...

Considering all the pigs that are dying in China recently and can see why they need more pork.

Interesting

What happens if a "Mad Pig Disease" outbreak occurs resulting in all pigs in the US having to be killed....and not used for food?

China's investment would be worth....$0.

Watch what happens next......(have your freezer filled with meat and NOW!)

It's more likely that there will be a shortage of all pork products--bacon, sausage, pork chops, ham--because it's all gonna go to China.

I tend to agree...its really unwise to let other countries control the food production of Americans.
I could see this leading to higher prices and lower standards as well as perhaps other complications should we disagree with the chinese over anything at all.....effin stupid move

China buys World's largest pork producer?

They're buying the U.S. Congress? Awesome!