Another Aussie Company In Foreign Hands.

[icyfroth]

Another iconic Australian food company has fallen into foreign hands, with Brazilian food giant JBS's $1.45 billion takeover of ham, bacon and smallgoods producer Primo Smallgoods.

For JBS, which is Australia's biggest meat packer, marketer and exporter and the world's largest processor of protein, Primo is a move away from commodity meat into high-value branded products, an expansion into Australian pig meat and a launching pad to export protein to Asia.

The deal is another big one for JBS adviser Rothschild. Sam Prentice's team have had several high-profile deals this year, such as Saputo's acquisition of Warrnambool Cheese and Woolworths' David Jones takeover.

Rothschild brought JBS to Australia with the acquisition of Swift and its subsidiary Australian Meat Holdings for about $US1.4 billion in 2007. JBS then built its Australian footprint, buying Tasman Group, Rockdale Beef, Tatiara Meat Company and more recently Andrews Meat

The sale is the latest in a string of Australian food and beverage companies being snapped up by foreign buyers.

Treasury Wine Estate, maker of Penfolds, rejected a $3 billion private equity bid from American private equity giant Kohlberg Kravis Roberts earlier this year. A consortium of Asian investors have made a $1.4 billion bid for Goodman Fielder and Canadian dairy group won a takeover battle for Warrnambool Cheese and Butter in January.

 Entire Article Here

Well if it weren't so sad it'd be just laughable!

They want Australians to work longer to fund their retirement.

Where is all the work going to be if the government allows foreign investors to keep buying up our major industries?

[cherry*135]

Thanks to your good mate Joe Hockey. Doesn't he get any accolades for approving this?

The Federal Treasurer has approved a $1.4 billion takeover bid by Brazilian meat company JBS, to acquire Australian smallgoods producer Primo..

Joe Hockey's decision follows an announcement by the Australian Competition and Consumer Commission (ACCC) last month that it would not oppose the move.

The final go-ahead is conditional on JBS being able to maintain third party access to Primo's abattoir in the northern New South Wales town of Scone.

Liberal Senator Arthur Sinodinos told Sky News this condition was proof the approval system is effective.

"It's a good announcement, because it demonstrates that we look at foreign investment proposals on their merits — and the whole point of having the foreign investment review board there is to provide some greater assurance to the public," he said.

http://www.abc.net.au/news/2015-03-04/joe-hockey-approves-takeover-of-primo/6281572

[cherry*135]

They want Australians to work longer to fund their retirement.

Where is all the work going to be if the government allows foreign investors to keep buying up our major industries?

Exactly. Also if older workers are staying in work till they are 70, then that is less jobs becoming vacant for younger people.

[iapetus_rocks]

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@am*3 wrote:

They want Australians to work longer to fund their retirement.

Where is all the work going to be if the government allows foreign investors to keep buying up our major industries?

Exactly. Also if older workers are staying in work till they are 70, then that is less jobs becoming vacant for younger people.

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They want Australians to work longer though for a relatively lower wage so that the companies enjoy such a degree of profitability that they will be encouraged to invest or continue to invest, thus providing more jobs in which Australians can continue to work for longer and for lower wages so that companies can be induced to invest more, thus providing more jobs for Australians who will agree to work for lower wages so that companies will be encouraged to invest  . . . .

And the longer older people continue to work, they are in competition with the younger job seekers with the net result of driving wages even lower as people become more desperate to obtain a job for the companies who won't employ them unless they can induce investors . .

it's a very nasty and a very vicious circle.

[gleee58]

The final go-ahead is conditional on JBS being able to maintain third party access to Primo's abattoir in the northern New South Wales town of Scone.

It will be interesting to look back in a year or 2 to see how that went.

They could technically keep the access available while pricing them out of using it.

[ladydeburg]

It's a private company and they can do what they like with it, if its a public company than the shareholders have voted to sell.

This has nothing to do with the gov and if FIRB approved it then it's as it should be.

We need invenstment and what if the company was going downhill? should we, the taxpayers, bail it out.

[vicr3000]

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@gleee58 wrote:

The final go-ahead is conditional on JBS being able to maintain third party access to Primo's abattoir in the northern New South Wales town of Scone.

It will be interesting to look back in a year or 2 to see how that went.

They could technically keep the access available while pricing them out of using it.

---

That's a pig headed attitude that will only cost Australian jobs. If you price them out of using it, they will just bypass the local Abbatoir and import all the meat they need, frozen.

If you actually read up further, some of the Gov't requirements of the takeover they want to put in place are that JBS

MUST use the abbatoirs or it has to divest itself of the company.

I sometimes wonder about which side some of you are actually on.

Your anti Gov't feeling gets in the way of sound judgement and logical thinking.

[softail-joanie]

Where is all the work going to be if the government allows foreign investors to keep buying up our major industries?

Allows?, what would you have them do? he said it would happen just like that, the people demanding their own enslavment.

Problem- government creates the problem, false flag, staged event..

Reaction- outcry from the public, demanding the government to take action

Solution- government makes policy and sells it as giving up freedoms for saftey

but we are even less safe from government who created the problen in the first place, just how they planned it.

[gleee58]

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@vicr3000 wrote:

---

@gleee58 wrote:

The final go-ahead is conditional on JBS being able to maintain third party access to Primo's abattoir in the northern New South Wales town of Scone.

It will be interesting to look back in a year or 2 to see how that went.

They could technically keep the access available while pricing them out of using it.

---

That's a pig headed attitude that will only cost Australian jobs. If you price them out of using it, they will just bypass the local Abbatoir and import all the meat they need, frozen.

If you actually read up further, some of the Gov't requirements of the takeover they want to put in place are that JBS

MUST use the abbatoirs or it has to divest itself of the company.

I sometimes wonder about which side some of you are actually on.

Your anti Gov't feeling gets in the way of sound judgement and logical thinking.

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Please read what I wrote instead of adapting my posts to suit your own warped translation.

It takes a severely combative, prejudiced mind to conclude that my post was anti-government.

[vicr3000]

How about addressing the main issue.

The MAIN point of my post was that it was anti Australian farmers and anti Australina workers.

Something on the other thread you decry yet here you are on this thread going all out against them.