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U.S. Lawmakers to Hold Hearing on Smithfield Deal - NBC29 WVIR Charlottesville, VA News, Sports and Weather

U.S. Lawmakers to Hold Hearing on Smithfield Deal

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RICHMOND, Va. (AP) - U.S. lawmakers are set to weigh in on Smithfield Foods' pending takeover by China's largest meat producer.

The Senate Agriculture Committee has set a July 10 hearing to discuss the deal struck last month with Shuanghui International Holdings Ltd.

The committee notice says the hearing will examine the pending purchase of the Smithfield, Va.-based company. It also will examine how the government review process of foreign acquisitions of U.S. companies addresses American food safety and the effects of increased foreign ownership of the U.S. food supply.

The deal, which is subject to regulatory and shareholder approvals, is expected to close in the second half of the year. It would be the largest takeover of a U.S. company by a Chinese firm, valued at about $7.1 billion including debt.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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