Remember That Frightening Commercial Where the Chinese Control Our Country?

It’s for reals now.

They’re gonna OWN OUR BACON

China’s Shuanghui to Buy Smithfield Foods

Chinese meat producer Shuanghui International Holdings Ltd. agreed to acquire Smithfield Foods Inc. SFD +0.23% for about $4.7 billion, striking what would be the largest takeover of a U.S. company by a Chinese buyer—should it get past what is likely to be heavy regulatory scrutiny.

Shuanghui agreed to pay $34 per share for Smithfield, the world’s largest hog farmer and pork processor, marking a 31% premium to Smithfield’s Tuesday closing price of $25.97. Including debt, the deal values Smithfield at $7.1 billion.

Smithfield owns an array of household names, including Armour, Farmland and Healthy Ones, and is sold in 12 countries, according to its website. The company’s shares soared 33% to $34.50 in pre-market trading after The Wall Street Journal reported the potential deal.

8 Responses to “Remember That Frightening Commercial Where the Chinese Control Our Country?”

  1. Mr. Bingley says:

    It’s moo shu mania!

  2. JeffS says:

    Does this mean we have to order “China Bacon” pizzas hereafter?

  3. Gunslinger says:

    I just hope someone reminds Shuanghui that cadmium and lead are NOT considered food additives in America.

  4. Kathy Kinsley says:

    No worries, they’ve owned us for years…

    @Gunslinger – good point. Might also want to point out, since they are buying food companies, that cats, dogs, and scorpions are not considered food in the west…

    Though I do like me some fried jellyfish (I consider it vengeance – I’ve been stung…).

  5. nraendowment says:

    I grew up with Smithfield ham and the thought that it will be owned by the same folks that poisoned our pet foods and the worlds baby formulas is deeply disturbing. Hell no.

  6. Michael Lonie says:

    Remember when we were told that the Japanese would soon own the whole US?

  7. tree hugging sister says:

    Yeah. Good times. Good times.

  8. Kate P says:

    One upside–footage of Paula Deen hawking hams to the Chinese.

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