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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Archer Daniels Midland Company | NYSE:ADM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.16 | -0.27% | 59.19 | 59.68 | 58.86 | 59.31 | 3,273,863 | 01:00:00 |
By Rob Taylor
CANBERRA, Australia--Australia's government has approved a 1.45 billion Australian-dollar (US$1.13 billion) bid by the world's biggest meat producer, Brazil's JBS SA, to buy local small goods producer Primo Group in a deal that may help it sell processed pig meat in China.
Treasurer Joe Hockey said he has approved the buyout of Australian Consolidated Food Holdings Pty. Ltd. with conditions that required JBS to maintain abattoir arrangements at a processing plant in the regional Australian town of Scone, as well as provide a report every three years to Australia's foreign-investment watchdog.
"The government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia's national interest," said Mr. Hockey, who was criticized in 2013 for rejecting a proposed takeover of Australian grain handler GrainCorp by U.S. agribusiness giant Archer Daniels Midland.
Mr. Hockey was also criticized this week for taking an overly zealous approach to foreign investment hurdles by ordering the sale of a Sydney waterfront mansion that the government alleged was illegally bought by Chinese investors last year for A$39 million.
The agreement for JBS's American subsidiary to buy Australia's biggest ham-and-bacon producer aimed to allay some of those concerns, former Assistant Treasurer Arthur Sinodinos told local television.
It will also allow JBS to leverage Australia's reputation for high-quality farm produce at a time when China has been rocked by food scandals. Primo currently exports its products to various parts of Asia, including China.
The deal came after China and Australia signed a free-trade pact last year that will immediately eliminate or phase out a range of tariffs on agricultural imports into the world's second-biggest economy, including those on processed meat.
JBS is buying Primo from Affinity Equity Partners, an Asian private-equity firm that bought 70% of the Australian company in 2011 for A$519 million, and from members of the founding Lederer family, who own the rest.
Rich in protein, pork is currently the most consumed meat in China, ahead of poultry. The nation devours more than 50 million metric tons of pork each year. But concern over conditions in domestic hog farms and the use of additives in the production of pork and other meats have prompted Beijing to push for modernization of the meat sector.
In one highly publicized incident three years ago, hundreds of people fell ill in central China after eating meat suspected of containing clenbuterol, an illegal additive that speeds up muscle growth in pigs, but which can cause headaches, nausea and an irregular heartbeat in humans. And last year, the discovery of thousands of dead pigs in rivers around Shanghai highlighted poor farming methods and sparked public-health concerns.
Write to Rob Taylor at rob.taylor@wsj.com
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