Huon’s founders and major shareholders, Frances and Peter Bender who own a 53 per cent stake said they will vote for the sale.
The bid was made subject to Foreign Investment Review Board approval, and the deal was expected to completed via scheme of arrangement in the December quarter.
For JBS, which is best known in Australia for its cattle operations, the acquisition comes as it also seeks regulatory approval to buy Australian pork maniufacturwer Rivalea.
JBS SA, the world’s biggest meat producer.
Huon, based in Tasmania, is the country’s second-largest salmon farmer, producing about 35,000 tons of fish and owning about 40% of the local market, according to the statement.
JBS already operates a beef processing unit in Longford. The company bought pork producer Rivalea in April, a deal which sparked a public inquiry from Australia’s competition watchdog on whether the meat giant has too much of market.
JBS Foods Australia is the country’s largest meat and food processing company, operating technologically advanced production and value-added facilities and feedlots, whilst also owning Australia’s largest smallgoods manufacturer, and operating a leading high-quality meat cutting and case ready production facility.
JBS Australia’s Northern Division operates five strategically placed processing facilities as well as five feedlots across Queensland and New South Wales with access to an extensive network of quality cattle. The Division comprises a diverse and impressive range of beef brands, including a number of award-winning brands, such as Yardstick, Riverina Black Angus and Thousand Guineas.