In an update on JBS’s proposed acquisition of Huon Aquaculture, the global protein company has launched a parallel takeover bid. It also responded to comments from Andrew Forrest, whose private holding company doubled its interest in Huon following JBS’s original offer.
The takeover bid was offered in parallel but not in substitution to the schemes of arrangement announced on 6 August.
The key terms of the Offer will be as follows:
- same offer price as the Scheme of $3.85 per share;
- a 50.1% minimum acceptance condition and other conditions largely similar to the Schemes; and
- the Offer to be available for acceptance for at least 2 weeks in the event the Schemes are not approved.
Dr Andrew Forrest’s private holding company Tattarang doubled Forrest’s voting power when it bought more than 10 million additional shares – from 7.33 to 18.51 per cent. Forrest called on JBS to agree to key animal welfare and environmental standards including the replacement of fish in fishmeal, moving to completely carbon neutral production, and applying leading animal welfare standards and practices.
JBS said it shared Tattarang’s view that good business must also be good for the environment. “JBS has written to Tattarang directly outlining its uncompromising global commitment to sustainability and animal welfare.
“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,” it said.
Globally, JBS has set a target to achieve net zero greenhouse gas emissions across its entire value chain by 2040. It has committed more than US$1 billion over the next decade for greenhouse gas emission reduction projects and R&D into more sustainable on-farm practices.
In Australia it recently implemented its first sustainability framework for the 4000 beef and lamb producers involved in its certified grass-fed beef and lamb program Great Southern.
