AUSTRALIA - The Australian government has given the go-ahead to an A$1.45 billion takeover bid by Brazil's JBS for small goods producer Primo Group.
The deal is expected to help the company sell processed pig meat in China.
Australian Treasurer Joe Hockey approved the buyout of Australian Consolidated Food Holdings Pty. Ltd. on the condition that JBS keeps abattoir arrangements at a processing plant in the town of Scone in New South Wales.
The company will also have to produce a report every three years to Australia's foreign-investment watchdog the Foreign Investment Review Board (FIRB).
JBS is the United-States based subsidiary of the Brazilian company JBS S.A., the world’s largest processor of fresh beef and pork. Primo is Australia’s largest producer of ham, bacon and smallgoods.
"The Government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia’s national interest," Mr Hockey said.
TheMeatSite News Desk