China’s biggest meat processor agreed to acquire Smithfield Foods (SFD.NYSE), the world’s top pork producer, in a US$4.7 billion purchase that will mark China’s largest-ever US acquisition, The Wall Street Journal reported. Shuanghui International Holdings’ purchase values Smithfield at US$7.1 billion. The aim of the deal is for Smithfield to export more to China, rather than to supply the US market, anonymous sources told the Journal. Competing deals could still emerge, and another source said two other companies were in talks with Smithfield. Shuanghui is offering US$34 per share for the company. The deal is subject to regulatory approval.
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