Block buyout of Smithfield Foods by Chinese firm

  • Article by: DOUG PETERSON
  • Updated: August 3, 2013 - 7:57 AM

Shuanghui International, a well-heeled Chinese firm, has offered to buy Smithfield Foods Inc. for $7.1 billion. Currently, Smithfield controls 26 percent of U.S. pork processing and 15 percent of hog production.

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davehougAug. 3, 13 8:16 AM

THIS is the natural result of exporting jobs and importing stuff by sending China our money. China gets richer, we get poorer. Ya gonna see more buying.

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pumiceAug. 3, 13 8:48 AM

Re: "THIS is the natural result of exporting jobs and importing stuff by sending China our money." Why, davehoug, are you saying that our on-going balance of trade deficit with China ($315 billion in 2012) is of greater concern than the less-than-8% of our national debt which is owed to China?

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essdee09Aug. 3, 13 9:11 AM

Ridiculous.

Shuanghui wants to buy Smithfield because there is demand for pork that they cannot meet. There is still plenty of demand for pork in the US. Obviously Smithfield knows how to do its job efficiently and somehow I don't think shipping hogs or pork from China will be the solution to providing more pork at better prices.

What is more problematic is that one company owns a quarter of the pork processing market in this country. And that more pork is available than ever despite their being only 1/10th of the number of hog farms there used to be. That tells us a lot about family farms which have been swallowed up and should warn us about how much damage these huge operations do to the environment.

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braxozAug. 3, 1311:30 AM

With factory farms and the attending problems, this is the pot calling the kettle black about food safety and environmental issues. I pay a little more for locally produced pork and don't regret it.

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supervon2Aug. 3, 1311:31 AM

Now, if we could only sell them California and Detroit. That would give this country to rebound and not have them drag us down. Plus, the Chinese could teach them to actually work!

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jd55604Aug. 3, 13 4:56 PM

More hype by our economics ignorant press. Remember in the 80s when the media constantly ran stories on how Japan was going to take over our country? They were wrong then and they're wrong now in regards to China.

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davehougAug. 4, 13 8:56 AM

BOTH trade deficit and national debt do NOT bode well for our future. Everybody ignores it for another year but eventually it means we pay more for gasoline and stuff as other countries know our dollar is worth less and less. Good luck saving for retirement. Save at $5 an hour to spend in a $15 an hour economy :(

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