Sen. Debbie Stabenow, D-Mich., chairwoman of the Senate Ag Committee, announced Thursday the Ag Committee would undertake a hearing to determine the potential effects of the proposed Smithfield –Shuanghui International merger.
The merger, announced earlier this month, represents the largest acquisition of an American company by a Chinese company in history. Both companies are significant producers and processors of pork.
Questioning the size of the takeover and the process used by the U.S. to evaluate effects of foreign acquisitions, Stabenow and other lawmakers last week asked for a more thorough review in the form of a hearing.
Specifically, the hearing will "more broadly examine how the government review process of foreign acquisitions of U.S. companies addresses American food safety, protection of American technologies and intellectual property, and the effects of increased foreign ownership of the U.S. food supply," an announcement noted.
Smithfield CEO Larry Pope will testify at the hearing. Additional witnesses will be announced at a later date. A webcast of the hearing will be available at ag.senate.gov on July 10 at 2:30 p.m.