• JBS will acquire Huon Aquaculture for $425 million after more than 75 per cent of shareholders voted for the deal. (Image: Huon Aquaculture)
    JBS will acquire Huon Aquaculture for $425 million after more than 75 per cent of shareholders voted for the deal. (Image: Huon Aquaculture)

More than 75 per cent of Huon Aquaculture shareholders voted in favour of the JBS takeover at the company’s AGM on Friday (29 October). Andrew Forrests private investment vehicle, Tattarang, despite saying its intention was to vote against both the original and parallel scheme as late as 27 October.

JBS CEO Brent Eastwood said the company was pleased with the outcome and overwhelming support of shareholders for the offer.

“Acquiring Huon represents our first step into the aquaculture industry for JBS globally. We believe that our contacts and our ability to open up and access new markets, combined with the expert team at Huon, create a fantastic opportunity to take this business forward,” Eastwood said.

The Foreign Investment Review Board approved the $425 million proposed acquisition on 25 October. JBS had launched its initial bid in August

Animal welfare and environmental standards were the main demands from Forrest to secure Tattarang’s vote.

Following the vote, Eastwood said: “We will uphold the highest standards for superior quality, fish health and sustainable farming practices – from water management to animal welfare, and stock densities.”

On 31 October, JBS S.A. CEO Gilberto Tomazoni filed a letter with Huon shareholders reconfirming its “unequivocal commitment to animal welfare and environmental sustainability globally”.

“We also take this opportunity to confirm that JBS S.A. unequivocally supports the principal of “no pain, no fear” animal welfare across its global operations.”

The scheme is scheduled for court approval on 3 November.

Packaging News

In the first year of PKN’s Women in Packaging Awards programme, industry has stepped up with meaning. The response has been phenomenal, and the judges had their work cut out for them selecting the finalists from a competitive field of high-calibre nominees.

At The Hive Awards in Sydney today, the Best Packaging category was won by Don Smallgoods, part of George Weston Foods, for its resealable flow wrap pack for sandwich fillers and other smallgoods. This innovative packaging is a departure from the conventional thermoformed packs and addresses consumer demands for better functionality, sustainability, and product visibility.

Applications for the 2024 APCO Annual Awards are now open, and are open to all of industry to apply.