Home Australia Twiggy Forrest could block salmon giant sale if environmental demands not met

Twiggy Forrest could block salmon giant sale if environmental demands not met

Twiggy Forrest could block salmon giant sale if environmental demands not met

A war is brewing over the style forward for Tasmanian salmon giant Huon Aquaculture, after mining magnate Andrew “Twiggy” Forrest significantly increased his stake in the firm correct days after a takeover provide from Brazilian meat-processing giant JBS.

Key components:

  • Andrew “Twiggy” Forrest has increased his stake to turn out to be Huon’s second-biggest shareholder
  • It comes correct days after meat processor JBS made its takeover provide
  • Mr Forrest wishes the firm to house the atmosphere and animal husbandry

Mr Forrest’s funding automobile, Tattarang, has announced to the Australian Securities Change that it has increased its stake in the firm to 18.51 per cent, after in the origin buying 7.33 per cent in June.

Early Newspaper

It makes Tattarang the second-biggest shareholder in Huon in the abet of JBS, which now holds a 40.53 per cent stake, bought from founders Peter and Frances Bender this week below the takeover provide.

Tattarang’s pass is not yet a takeover express, but monetary analyst Sam Baker said it could mean Mr Forrest could utilize his shares to vote in favour of or against any takeover proposal.

“It really seems to be as if this pass by Andrew Forrest is designed to extract some have an effect on on the firm,” Mr Baker said.

Mr Baker said Australian Well-organized became as soon as another basic shareholder, with a 12 per cent stake.

“Potentially with these two parties vote casting in distinction [JBS] proposal, it could smartly be that it does not proceed.”

A grey-haired Andrew Forrest in a bright yellow work shirt speaks with a mine site behind him.

Andrew Forrest has increased his stake in the firm to 18.51 per cent.(

AAP: Justin Benson-Cooper


Mr Forrest confirmed to the ABC he became as soon as reaching out to different shareholders, but would not relate whether he became as soon as pondering making a counter takeover provide. 

He said the doc outlining the JBS takeover provide did not point to animal husbandry or the atmosphere. 

“The atmosphere and animal welfare must nonetheless be the two prime priorities of both JBS and Huon as we waddle forward,” he said. 

“It is about pointing out to JBS and to Huon … that animal husbandry wishes to be on the head of their list and we can must be fully convinced that globally, in their large animal-processing operations, that it’s miles that.”

Mr Forrest said the response from JBS and Huon to Tattarang would dictate the next pass. 

“We’re investing to rep definite that Huon goes forward below the banner of deep offshore practices — not shallow onshore practices fancy in Macquarie Harbour — land-basically based fully mostly fish farming and entire environmental neutrality,” he said 

“Stocking densities in pens must be humane and rep fat carbon neutrality. 

Mr Forrest, who has a PhD in marine biology, has expressed increasing interest in aquaculture and already has two operations in Western Australia.

Fish farms of Huon Aquaculture

Huon Aquaculture is Tasmania’s second-biggest salmon producer.(

Supplied : Huon Aquaculture


JBS fresh to aquaculture

Huon Aquaculture Community delivered an absence of correct over $95 million in the six months to December 31 closing year, citing COVID-19 as having a significant affect. 

Tattarang’s increased maintaining comes not up to per week after JBS reached its tackle Huon to buy the firm, which is Tasmania’s second-biggest salmon producer.

Sam Baker, from monetary companies and products community Shadforth, said that JBS became as soon as price about $21 billion, had an annual earnings of $40 billion and about 80,000 workers one day of the globe.

The firm is the enviornment’s biggest meat-packing processor and counts the Longford red meat processing unit amongst its holdings.

JBS’s express is enviornment to Foreign Investment Evaluate Board approval and values Huon Aquaculture at about $550 million.

Taking on Huon Aquaculture could be JBS’s first foray into aquaculture.

Gloved hands holding meat on processing line.

JBS is the enviornment’s biggest meat-packing processor but has yet to enter the aquaculture commerce.(

JBS Meals


The firm has had a intelligent historical past.

In 2017, its parent firm J&F Investimentos became as soon as embroiled in a Brazilian corruption scandal when its then-chief govt Joesley Batista secretly recorded a conversation with then Brazilian president Michel Temer endorsing funds to a contaminated politician.

The recording became as soon as launched as fragment of a plea deal to e-book clear of a corruption investigation into Mr Batista and his brother Wesley and sparked a fall in the Brazilian stock market. 

The firm paid a aesthetic in Brazil of 10.3 billion Brazilian reals ($2.7 billion), and a aesthetic in the US of $US128 million, for its role in the corruption scandals

J&F’s prime executives admitted to bribing greater than 1,900 Brazilian politicians to shut their commerce interests.

In June, the firm paid the equivalent of $US11 million to a prison gang to entire a 5-day cyber-assault that halted its world operations.

Exterior of JBS Abattoir, near Longford, Tasmania.

JBS operates an abattoir near Longford in northern Tasmania.(

ABC News: Chicken Brooks


As smartly as the Longford unit, JBS beforehand ran the Devonport City Abattoir, which it closed in 2018, and the King Island abattoir, which ceased operations in 2012.

Huon’s founders, Peter and Frances Bender, had a controlling 53 per cent stake in the firm except this week, and suggested the Australian Securities Change closing week that they were in favour of the tackle JBS.

In a assertion, Mr Bender said the acquisition could be “an graceful consequence” for Huon’s shareholders, partners and workers.

Huon Aquaculture founders Peter and Frances Bender

Peter and Frances Bender are relate to rep hundreds and hundreds from the JBS deal.(

ABC News: Jane Ryan


Extra than one environmental campaigners voiced considerations about JBS acquiring Huon, nervous that the sale to a international firm would consequence in an absence of transparency one day of the firm’s dealings.

Richard Flanagan looks at the camera.

Tasmanian creator Richard Flanagan is a vocal critic of the relate’s salmon commerce.(

ABC News: James Dunlevie


Award-winning creator Richard Flanagan, who as of late published a scathing book about Tasmania’s salmon commerce, has blasted the ability sale to JBS, while federal impartial member for Clark Andrew Wilkie said the firm became as soon as a “nice multinational company with a substandard reputation”.

Premier Peter Gutwein said JBS had been in the relate for a extremely very prolonged time, and he became as soon as confident it’d be a “guilty company citizen” going forward.

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Twiggy Forrest could block salmon giant sale if environmental demands not met