Senators debate Shuanghui buyout
US lawmakers on Wednesday got their first chance to debate a Chinese company's proposed takeover of pork processor Smithfield Foods Inc, with most expressing apprehension about the deal's impact on US food supplies, agricultural exports and cross-border transfer of sensitive technologies.
The Senate Committee on Agriculture, Nutrition and Forestry heard from two foreign-trade experts who said the purchase by Shuanghui International Holdings Ltd would be good for China and, in the short term, Smithfield shareholders and executives, but bad for the US economy and the nation's consumers.
Smithfield CEO C. Larry Pope defended the deal in testimony to the committee, saying his company would continue to adhere to strict US food-safety standards while expanding in China's important export market.
