China's largest meat processor struck a surprise $4.7 billion agreement to acquire Smithfield Foods Inc., a deal that would mark the biggest Chinese takeover of an American company and underscores the Asian nation's renewed determination to scoop up overseas assets.

Shuanghui International Holdings Ltd. agreed to pay $34 a share for Smithfield, the world's largest hog farmer and pork processor. Including debt, the deal values the Smithfield, Va., company at $7.1 billion.

...