Home Australia Tasmanian salmon farmer being pursued by Brazilian meat giant

Tasmanian salmon farmer being pursued by Brazilian meat giant

Tasmanian salmon farmer being pursued by Brazilian meat giant

Tasmanian salmon giant Huon Aquaculture is determined to sell to a Brazilian meat processing company for virtually half one billion bucks.

Key ingredients:

  • Brazilian meat processing company JBS is chasing stout alter of the Tasmanian salmon farmer
  • Huon’s directors imply shareholders vote in favour of JBS acquiring 100 per cent of its shares
  • A sale would mean financial reporting for Huon would switch from the ASX to Brazilian authorities, a financial advisor says

Dreary Friday, the Australian Securities Replace (ASX) published the company had entered a kind out JBS, which would look the South American giant produce 100 per cent of Huon’s shares at $3.85 per allotment, ought to shareholders approve.

Early Newspaper

On Friday, Huon shares closed at $2.79.

The deal has been reported as being rate $425 million — but one financial expert stated the deal used to be seemingly rate up to $550m.

Huon’s board of directors stated the buyout used to be in shareholders’ most enthralling pursuits, and has rapid they vote in favour of the deal.

Directors, including founders and main shareholders Frances and Peter Bender, stated they intend to vote to enhance the sale.

The Benders comprise a controlling 53 per cent stake within the company, which is the second largest of the three salmon producers within the reveal, essentially based in 1986.

Huon Aquaculture founders Peter and Frances Bender

Huon Aquaculture founders Peter and Frances Bender comprise rapid the sale go ahead.(

ABC News: Jane Ryan


In a liberate, JBS stated the deal has been accredited by the controlling shareholders and make a selection over is anticipated to be concluded by the head of this year, with the approval of the change shareholders and the Australian Foreign Investment Review Board.

Billionaire mining magnate Andrew Twiggy Forrest only within the near previous paid $20 million for a 7.5 per cent allotment within the company, whereas Australian Extensive for the time being owns 12 per cent.

Salmon farm enclosures in Tasmanian waters, owned by Huon Aquaculture.

 Huon Aquaculture’s final analysis has been affected by COVID.(

Supplied: Huon Aquaculture


Procuring Huon’s stocks will tag JBS’s circulate into aquaculture, on the other hand it be the Brazilian multinational’s second operation in Tasmania, with the company proudly owning a beef cattle processing unit at Longford. 

JBS Australia’s president and chief govt officer, Brent Eastwood, stated the acquisition of Huon permits the company to additional develop its Australian protein industry.

On Saturday, Tasmanian Premier Peter Gutwein stated in phrases of his dealings with JBS, “they’ve demonstrated they are a extraordinarily life like corporate citizen of their time in Tasmania and I don’t request that will switch”.

Deal valued at $550 million

Shadforth’s financial advisor Sam Baker stated the takeover would look JBS make a selection in Huon Aquaculture’s debt.

“JBS, which is without doubt one of the most greatest food processing corporations within the world, will gaze to make a selection alter of the company and doubtlessly present additional financial strength.”

He stated the deal in actuality values the company at about $550 million.

“The allotment provide is $425 million on the other hand it would moreover mean JBS takes on $120 million in company debt and there might perhaps be moreover a dividend within the provide.” 

JBS is valued at about $16 billion bucks. 

The Benders stand to present about $210 million from the deal. 

Shadforth financial adviser Sam Baker stated if it goes ahead, Huon would no longer be listed on the Australian stock alternate and its financial reporting duties would occur in Brazil. 

Mr Baker stated Andrew Forrest sold in at $2.48 a allotment, so if he sells to JBS, he would produce about 80 per cent on his investment in six weeks. 

Twiggy to beginning rival show?

Mr Baker stated one more less seemingly likelihood used to be that Mr Forrest launches his maintain, change show.

“The Huon board has rapid the provide but that’s regularly with the caveat that it be within the absence of a superior proposal,” he stated.

“Twiggy might perhaps perhaps moreover now effectively lob a show in, though it be now not going. 

Large salmon processing ship next to fish farming pens.

A sale to JBS would mean Huon’s financial reporting duties would no longer be to the ASX, a market commentator stated.(

Supplied: Havyard


In a assertion ASX published Huon Aquaculture Community delivered a lack of factual over $95 million within the six months to 31 December perfect year

It cited COVID-19 impacts on the world market for the loss, with world build a query to for salmon dropping by virtually 30 per cent when in contrast to the outdated six months. 

Sale condemned by anti-fish farming community

Environmental community Tasmanian Alliance for Marine Protection (TAMP), has stated it opposes the deal and that Tasmanian’s ought to in actuality feel “sickened”.

Salmon hatchlings

JBS had “proven say put out of your mind for Tasmania and Tasmanians”, a community opposing the sale stated.(

ABC News: Rhiannon Shine


In a assertion, TAMP co-chair Peter George claimed the Brazilian multinational would now not gaze out for Tasmanian workers. 

Mr George referenced complications JBS had with King Island beef producers virtually a decade within the past, when the company refused to hire the island’s vacant abattoir, forcing farmers to ship their cattle to the JBS abattoir in Longford within the reveal’s north.

“No moral can come of the sell-out and communities around the reveal will stand collectively to oppose a giant multinational that has already proven its say put out of your mind for Tasmania and Tasmanians.”

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Tasmanian salmon farmer being pursued by Brazilian meat giant