Should Congress allow a Chinese company to buy America’s biggest producer of ham, bacon and pork products?
The Chinese company Shuanghui has agreed to pay $4.7 billion to buy Smithfield Foods, out of Smithfield, Virginia. If the deal is approved, it could be China’s biggest acquisition in America yet.
Smithfield is the biggest pork producer in the world, raising about 15 million pigs a year.
Smithfield Foods (SFD) is currently a publicly traded company, but this deal would reportedly take the food company private -- which, legally, means the company could keep information far more private than it does now.
Shuanghui has reportedly had a questionable safety record. It had to destroy thousands of tons of its pork after Chinese media reported that a chemical dangerous to humans was found in its meat -- a chemical that makes meat more lean, according to the Washington Post.
Many on Wall Street expect the deal to go through, though politicians will likely have concerns to address. Food safety and the passing of sensitive farming technology to a Chinese company are just two that may come up.
Perhaps most importantly, though, lawmakers will want to know how this deal sits with the American people. What do you think?