Smithfield Foods announced that the Committee on Foreign Investment in the United States (CFIUS) has notified the parties that it will conduct a second-phase, 45-day review of the proposed Smithfield-Shuanghui International transaction as described in Smithfield's preliminary proxy statement as filed with the Securities and Exchange Commission on June 18, 2013.
Pursuant to the Exon-Florio legislation, the inter-agency committee reviews proposed foreign acquisitions of U.S. companies for potential national security concerns while continuing to facilitate the open investment policy of the United States. The Exon-Florio legislation provides for a 30-day review following notification of a potential acquisition. At the conclusion of the 30-day review, CFIUS has the option to extend the process for a period not to exceed an additional 45 days.
Wednesday July 24, 2013/ Smithfield Foods/ United States.