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Smithfield Foods on its way to new ownership

Posted at 1:33 PM, Sep 09, 2013

Smithfield Foods is on its way to new ownership.

The federal government cleared the way for Chinese company, Shuanghui International, to buy the world's largest pork processor.

The $5 billion deal still needs to be approved by Smithfield shareholders later this month.

If it is, it would be the largest acquisition of a U.S. company by a Chinese buyer.