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- Tattarang Chair, Andrew "Twiggy" Forrest
Tattarang Chair, Andrew "Twiggy" Forrest
Source: Tattarang
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  • Andrew “Twiggy” Forrest has topped up his interest in Huon Aquaculture (HUO) days after HUO received a $540 million takeover offer from the world’s largest meat supplier, JBS
  • Mr Forrest’s investment vehicle Tattarang now holds an 18.51 per cent stake in Huon, up from its initial interest of 7.33 per cent
  • Brazillian meat processor JBS tabled a takeover offer to Huon earlier this week
  • Mr Forrest says the investment represents “a clear commitment to achieve the industry change we want to see”
  • Huon Aquaculture shares closed today’s session down 2.06 per cent to trade at $3.81.

Andrew “Twiggy” Forrest has topped up his interest in Huon Aquaculture (HUO) days after the company received a $540 million takeover offer from the world’s largest meat supplier, JBS.

The mining magnate has increased his holding in the Tasmanian salmon producer from a 7.33 per cent stake, acquired in June, to 18.51 per cent via an on-market purchase through his private investment group, Tattarang.

Brazillian meat processor JBS made a $3.85 per share bid for Huon earlier this week, which was all but clear to proceed pending shareholder approval.

However, Mr Forrest’s newly increased voting power in the business is speculated to potentially put a spanner in the works.

The change in substantial holding disclosure was clarified by a video message from Mr Forrest via Tattarang, reiterating the company’s “strong commitment” to the sustainable growth of Australia’s aquaculture industry.

“Our investment in Huon represents a clear commitment to achieve the industry change we want to see,” Mr Forrest said.

“Sustainability is the one factor that will guarantee jobs in agriculture, food on our plates and farming practices that protect the planet, not harm it,” he said.

“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.”

Whether Mr Forrest will elect to increase his holding further and contend the takeover from JBS remains to be seen.

Huon Aquaculture shares closed today’s session down 2.06 per cent to trade at $3.81.

HUO by the numbers
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