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Smithfield Receives U.S. Approval for Biggest Chinese Takeover

Smithfield Foods Inc., the world’s largest hog and pork producer, said U.S. regulators will allow the company to be bought by China’s Shuanghui International Holdings Ltd. in what would be the biggest Chinese purchase of a U.S. firm.

“This transaction will create a leading global animal protein enterprise,” Zhijun Yang, Chief Executive Officer of Shuanghui International, said in a joint statement from both companies released yesterday.