Page 5 - Food&Drink Magazine Aug-Sep 2021

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JBS TO BUY HUON
JBS’s plans to acquire Huon Aquaculture hit a snag when Andrew Forrest’s Tattarang doubled its stake in the business.
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NEWS
JBS and Tattarang angling for Huon
JBS announced its acquisition plan for Huon Aquaculture on 6 August, paying $3.85 per share for 100 per cent of the company. Worth around $425 million, the deal had the backing of Huon’s founders and major shareholders Frances and Peter Bender and the board.
But when Dr Andrew Forrest got wind of the deal, his private holding company Tattarang bought more than 10 million shares in the salmon business, more than doubling its voting power to 18.51 per cent.
One of Tattarang’s businesses is Harvest Road, which has beef, seafood and plant-based interests. It had only invested in Huon in June, when it purchased just over 8 million shares.
Forrest said his initial investment in Huon was driven by the unsustainable environmental practices used in the salmon farming industry and the belief Huon was taking a lead to rectify that.
“Huon have demonstrated they want to be leaders in the pursuit of sustainable salmon farming practices but my aspirations for this company are even greater. And there are a range of steps that can be taken by new ownership to achieve this,” Forrest said.
He as called on JBS to commit to the replacement of fish in fishmeal, moving to completely carbon neutral production and applying leading animal welfare standards and practices.
JBS returned fire, launching a parallel takeover bid that offered the same price per share but set a 50.1 per cent minimum acceptance condition. It defended its track
record and commitment to animal welfare, saying its approach goes beyond the “no pain, no fear” standards Forrest referenced.
“This commitment extends to Huon, where JBS intends to build on the legacy of the Bender family, upholding the highest standards for superior quality, fish health and sustainable farming practices – from water management to animal welfare, net zero emissions and stock densities,” JBS said.
Forrest reiterated his challenge to JBS to commit to the same principles as Harvest Road and its beef processing company, Harvey Beef.
“For a small expense and through good management at Harvey Beef, we have established a clear No Pain No Fear framework in the critical stages of cattle processing as part of our ambition to exceed animal welfare standards and create a path for others to follow,” Forrest said.
Shareholders will vote on the offer in October. ✷
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www.foodanddrinkbusiness.com.au | August/September 2021 | Food&Drink business | 5