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Grassley says DOJ sees no problems

The final government authority has weighed in on the Smithfield acquisition by a Chinese company, says Iowa Senator Chuck Grassley.

Grassley and other lawmakers had asked the Justice Department several months ago to look into the deal and he got their response this week.

“The Justice Department confirmed to my staff that they will not bring an enforcement action under the anti-trust laws because there was no effect on competition or section seven problems.”

Last week, the U.S. Committee on Foreign Investment in the United States gave clearance for Smithfield, the world’s largest hog and pork producer, to be acquired by Shuanghui International Holdings.

Now the only thing left, Grassley says, is Smithfield shareholders who vote on the acquisition later this month.  Grassley says HE still needs convincing it’s best for American agriculture,

“If this transaction is finalized, it will be unprecedented in nature. I will continue to monitor this proposed transaction and work to ensure small, independent producers are still afforded a fair chance to make a living in today’s livestock industry.”

Grassley says there are export potential possibilities but there are still “lots of unknowns.”

AUDIO: Senator Charles Grassley (R-IA) conference call (15:00 mp3)