March 25, 2023

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Millionaire raises stake in Australian Juan and puts JBS business at risk


(Bloomberg) – The JPS Project (JBSS3) Buy Australian Juan aquaculture It could be threatened as mining tycoon Andrew Forrest’s stake in the salmon producer will rise enough to block the deal.

According to a regulatory document released Wednesday, Forrest and his family’s office has increased their stake in Juan, which trades in Sydney, from 7.3% to 18.5%. The investment exemplifies Hyun’s advances in improving environmental practices in an industry with a “terrible” reputation, Forrest said in an interview.

The increase in stocks could challenge the JPS plan to buy Huyon as a way to enter the fish market. The beef company announced a $ 314 million deal last week, claiming it has the support of a majority of shareholders and is expected to close the deal by the end of this year, after approval by Australian authorities.

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