China's Shuanghui Buys Pork Giant Smithfield For $4.7 Billion
RENEE MONTAGNE, HOST:
NPR's business news begins with a meaty Chinese investment in the U.S.
A Chinese meat producer plans to buy the U.S. meat company Smithfield for $4.7 billion dollars. Smithfield is the world's largest pork producers, and by some estimates, if this deal is approved by regulators, it would be the biggest takeover of a U.S. company by a Chinese company.
The Chinese meat producer is called Shuanghui. It's enticing Smithfield's shareholders by offering $34 a share. And that's about 30 percent more than Smithfield's current stock price.
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