- The Committee on Foreign Investment, which reviews the national security risks of acquisitions by foreign companies, has approved Shuanghui International's $4.7B purchase of Smithfield Foods (NYSE:SFD).
- The authorization comes amid concerns that food safety will be compromised.
- The deal now needs shareholder approval, with a vote scheduled for September 24.
- Activist hedge fund Starboard Value, an owner of a 5.7% stake in Smithfield, has said it will vote against the transaction and is looking for other buyers.