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Senate Agriculture Committee to probe $4.7 billion purchase agreement
WASHINGTON, June 28 () -- The Senate Agriculture Committee said it would investigate a deal to sell U.S. meat processing giant Smithfield Foods to Shuanghui International of China.The companies announced a $4.7 billion purchasing agreement, which they said would help increase U.S. pork exports to China.The committee chaired by Sen. Debbie Stabenow, D-Mich., is concerned the sale could somehow diminish U.S. food standards, The New York Times reported Friday.The committee has scheduled a hearing for July 10 to review the deal, the Times said.The sale is also being scrutinized by the Committee on Foreign Investment in the United States,[url=http://www.ewwealth.com/]christian louboutin discount[/url], even though that panel generally deals with foreign investments that might compromise national security, such as the sale of a sensitive technology company or an aerospace firm."We welcome a full review and fair consideration of the Shuanghui-Smithfield combination from the U.S. government. We believe the proposed combination does not present any national security concerns,[url=http://www.ksacinc.com/cheapbeats/?]beats by dre outlet[/url], is good for U.S. farmers and agriculture and will advance U.S.-China relations. We will continue to provide Congress and [the committee] with all the information requested to allow a full and timely review of the combination," the company has said.A spokesman for Shuanghui declined to comment, the Times said.