June 14 Hog producer Smithfield Foods Inc
, the subject of a $4.7 billion bid from China's
Shuanghui International Holdings, reported a 63 percent fall in
net profit as exports to China and Russia fell due to
Smithfield, whose products include Smithfield bacon and
Eckrich sausages, said its net income fell to $29.7 million, or
21 cents per share, in the fourth quarter ended April 28, from
$79.5 million, or 49 cents per share, a year earlier.
Revenue rose 3 percent to $3.32 billion.
Smithfield did not provide an update on the takeover, which
analysts and politicians have said could face land ownership
issues in several states as well as scrutiny from a federal
government panel that assesses national security risks.
The panel is not expected to block the sale.