The leaders of Shechem stand before their city, pitching a strategic alliance with the family of Jacob. They propose that the men of the city undergo circumcision, presenting the procedure as a path to peace and unity. However, a calculated economic motive of exploitation and total takeover hides behind their diplomatic words.
The leaders explain that Jacob's family will only agree to an alliance on one specific condition [ביאור יש״ר]: every male in the city must be circumcised [רש״י]. This demand exists because the physical act of circumcision serves as a distinct marker that separates different nations [ביאור שטיינזלץ]. The leaders urge the townsmen to accept this requirement, convincing them to view it as a worthwhile and proper step [אבן עזרא, ביאור שטיינזלץ, מחוקקי יהודה].
During this negotiation, a fundamental gap in intentions is revealed. Jacob's sons intended for the circumcision to simply allow for intermarriage between the two groups, with no further integration. In contrast, Hamor and Shechem pitch the agreement to their people as an opportunity to completely absorb Jacob's family and merge into a single nation [ביאור יש״ר].
In truth, Hamor and Shechem are orchestrating a malicious plot against Jacob and his sons. They lure the men of their city into accepting the condition by promising a massive financial payoff. They claim that once the merger is complete, all of Jacob's vast wealth will fall into their hands. Their secret plan is to allow Jacob's family to settle among them temporarily. Once the family is established, the people of Shechem intend to easily drive them out and seize all their assets [אבן עזרא, מלבי״ם]. The targeted wealth is extensive, including the large flocks and herds out in the fields, the individual animals kept in the homes, and all of their other possessions [מחוקקי יהודה].
This underlying conspiracy to rob Jacob's family of their property is ultimately what justifies the severe retaliation that Jacob's sons later carry out against the men of the city [מחוקקי יהודה].