Forrest ups stake in Austal, AACo

Mining magnate Andrew Forrest's investment entity Tattarang has spent $163 million lifting its stake in two companies.

According to an ASX statement released today, Tattarang Ventures acquired just more than 57 million shares in Australian Agricultural Company for $122 million from June 10 to June 16.

This brings the company's voting power in AACo to 17.4 per cent.

Australian Agricultural Company, based in Brisbane, is one of the country's largest integrated cattle and beef producers.

Tattarang Ventures also bought about 22.5 million shares in shipbuilder Austal from May 27 to June 16.

Consideration given to the acquisition of shares was listed as $41.1 million, bringing Tattarang Ventures’ voting power in Austal to approximately 13.8 per cent.

Tattarang has been topping up its interest between October 2021 and February 2022, purchasing 17.7 million shares in Austal, and a further 11.4 million shares between February and March this year.

The Fortescue Metals Group chair has previously laid plans to decarbonise the shipping industry, working to develop a dual fuel ship with Perth-based marine business MMA Offshore with the aim of operating almost entirely on green ammonia.

Austal is widely considered as one of the largest shipbuilding companies in Australia, with seven shipyards and six service centres in five countries with more than 6,800 employees.

The Paddy Gregg-led ship construction company is based in Henderson.