U.S. unlikely to block Chinese purchase of Smithfield

The U.S. government should soon give the go-ahead for the largest ever Chinese acquisition of a U.S. company: a Chinese food group’s $4.7-billion (U.S.) deal to buy Smithfield Foods Inc., a person familiar with the matter told Reuters.

Government approval of the purchase of Smithfield by Shuanghui International Holdings would be a major step forward for the deal. But it still needs shareholder approval, and at least one substantial shareholder is looking for a higher price.