US lawmakers will review Shuanghui International’s US$4.7 billion buyout of Smithfield Foods (SFD.NYSE) at a hearing set for July 10, Reuters reported. The hearing, led by the Senate Agricultural Committee, will look at how the government will account for food safety and intellectual property rights in such acquisitions. Two other lawmakers have asked the administration to answer questions on how the buyout will affect trade secrets and the treatment of other US meat companies in China. The deal, if approved by the US government, would be the biggest purchase of a US firm by a Chinese company.
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