By Amanda Brodhagen, Farms.com
China’s Shuanghui International Holdings Ltd.’s takeover of Smithfield Foods Inc. is set to get another look by the U.S. foreign-investment panel. The panel will conduct a second-phase review of the proposed $4.7-billion acquisition.
The process of acquisitions involving U.S. companies by foreign enterprises, calls for a 30-day review period, after which the committee can extend the process. The Smithfield review is being extended up to another 45 days.
Despite concerns over the proposed takeover, the companies do expect to close the transaction by the second half of this year. This deal will mark the largest Chinese takeover of an American company in history.