Tattarang invests $46m in Huon Aquaculture

Andrew Forrest's Tattarang has lifted its stake in Huon Aquaculture Group to 18.5 per cent, less than a week after the fish-farming business received a takeover offer from Brazilian meat processing giant JBS.

Tattarang, through its agrifood arm, has purchased roughly 12.3 million shares in Huon since late June, amounting to $46.2 million.

It lifts Tattarang's stake in the business to 18.5 per cent, from 7.3 per cent.

Tattarang purchased $37.8 million shares on August 9 and $6 million shares on August 10, days after JBS proposed to acquire all of Huon's issued capital.

JBS has offered to pay $3.85 for every Huon share, valuing the Tasmanian business at about $425 million.

The board has unanimously recommended shareholders vote in favour of the deal.

Mr Forrest said the move to acquire more shares in the company was part of Tattarang’s commitment to set new standards for environmental sustainability and animal welfare.

“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. And there are a range of steps that can be taken by new ownership to achieve this,” he said.

“They include the replacement of fish in fishmeal, moving to completely carbon neutral production and applying animal welfare standards and practices.”

Mr Forrest said food security and sustainability were the biggest challenges of Australia’s agriculture sector.

“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,” Mr Forrest said.

Tattarang's agrifood business, trading as Harvest Road, includes seafood brand Leeuwin Coast.