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Smithfield Foods on its way to new ownership

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Posted at 1:33 PM, Sep 09, 2013
and last updated 2013-09-09 13:33:14-04

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.