Shareholders in the Tasmanian salmon producer vote overwhelmingly in favour of the $3.85 per share deal.
Brazilian meat processing giant JBS’ takeover of Huon Aquaculture is clear to go ahead after shareholders voted in favour of the deal on Friday. Tattarang which held about 18.5 per cent of Huon shares and is owned by mining billionaire Andrew Forrest, also swung in behind the deal.
One of the two proposed schemes of arrangement was supported by 99.77 per cent of votes cast and the other won 99.87 per cent of votes cast.
Huon chairman Neil Kearney said, “Today’s overwhelming shareholder support for the JBS transaction will secure the future of Huon, the company’s dedicated workforce and the hundreds of Tasmanian businesses that work with us.”
Forrest had urged JBS Australia’s parent company to “declare its unequivocal commitment to animal welfare and environmental sustainability.”
“Until JBS declares its unequivocal commitment to adopt the same animal welfare – including the principle of No Pain No Fear – and environmental sustainability standards as JBS Australia across their global operations, Huon shareholders have no certainty for the future of company under JBS Group’s control,” he said on Wednesday.
Read more: Andrew Forrest in last-ditch effort to influence JBS takeover of Huon
JBS later said it “unequivocally supports the principle of No Pain, No Fear across its global operations.”
The Brazilian meat giant claimed it had an uncompromising commitment to sustainability and animal welfare.
“This commitment extends to Huon, where JBS intends to build on the company’s strong foundations and uphold the highest standards of fish health and sustainable farming practices, from water management to animal welfare, net zero emissions and stocking densities,” it said.
The Foreign Investment Review Board has approved the deal.
