June 18, 2024

Billionaire raises stake in Australia’s Huon and puts JBS’s business at risk

3 min read
JBS Refrigerators

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(Bloomberg) – JBS Plan (JBSS3) To buy Australian Huon Aquaculture It may be threatened as mining magnate Andrew Forrest’s stake in the salmon producer has risen to a level that could derail the deal.

Forrest and his family office have increased their stake in Huon, which is traded in Sydney, from 7.3% to 18.5%, according to a regulatory document released on Wednesday. Forrest said in an interview that the investment highlights the progress Hon has made in improving environmental practices in an industry with a “bad” reputation.

The stake increase may challenge JBS’s plan to acquire Huon as a way to enter the fish market. The beef giant announced a $314 million deal last week, saying it has the support of a majority of shareholders and the deal is expected to be completed by the end of the year, after approval by Australian officials.

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