The largest Chinese takeover ever of a US company became official Thursday: Shuanghui International Holdings Ltd completed its $4.7 billion purchase of US pork giant Smithfield Foods Inc.

The deal "marks an exciting new chapter for both of our proud organizations as we formally begin a partnership that will benefit our customers, employees, producers and partners," Shuanghui International Chairman Wan Long said in a press release.

The combined company will use "Shuanghui's extensive distribution network in China and Smithfield's leading production and safety protocols, to provide safe, high-quality products to consumers worldwide", he said.

Larry Pope, president and CEO of Virginia-based Smithfield, said the transaction - valued at $7.1 billion including debt - will unlock growth opportunities in China, the world's biggest consumer of pork, at a time of slowing sales in the US.

Pope promised that the company's stakeholders would see "the strictest adherence to the highest standards of food safety and quality". Some US politicians had suggested the deal, approved by Smithfield shareholders Tuesday, could weaken US food security given ongoing food safety problems in China. Shuanghui is the largest shareholder of China's biggest meat processor.

A US committee that reviews mergers involving foreign ownership of US companies cleared the deal earlier this month.

michaelbarris@chinadailyusa.com

(China Daily USA 09/27/2013 page10)