Tassal looks set for new ownership after the board backed a takeover offer from Canadian-based seafood giant Cooke Inc.
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The Tasmanian-based salmon and prawn producer's board had previously resisted takeover overtures from Cooke, but has now relented.
It means all three major Tasmanian salmon farmers will become foreign owned, with Tassal joining Huon Aquaculture and Petuna.
"The Tassal board unanimously recommends that Tassal shareholders vote in favour of the scheme at the scheme meeting, in the absence of a superior proposal and subject to an independent expert concluding, and continuing to conclude, that the scheme is fair and reasonable and in the best interests of Tassal shareholders," Tassal said.
"Subject to those same qualifications, each member of the Tassal board intends to vote, or cause to be voted, any shares held or controlled by them in favour of the scheme."
Tassal chair James Fazzino said the announcement followed a few months of constructive engagement by the Tassal board with Cooke to secure additional value beyond Cooke's initial approach.
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Tassal managing director and chief executive Mark Ryan said: "We believe in sustainably produced food and in responsibly harnessing our precious water resources."
"Our responsible business blueprint sets out how we will do this to ensure a prosperous, healthy planet for future generations.
"Combining our two companies' people-first cultures and our shared passion for producing top quality seafood is a natural fit.
"A future acquisition by Cooke enables Tassal to fast-track our goal to be one of the world's most transparent and sustainable protein producers."
The environmentalist Bob Brown Foundation said Cooke would trash Tasmania's waters and government action was needed.
"Tassal has already trashed our waterways," BBF fish farm campaigner Alistair Allan said.
"The toxic salmon industry has been exposed for what it is, an industry that trashes Tasmania without a second thought
"Now, a foreign company will get the profit and Tasmanians get the loss, including polluted rivers and seas, degraded marine ecosystems and rubbished beaches.
"If the state government had any real pride in our island, they would now legislate to make this industry get out of our beautiful waterways.
"That is the task for Premier Rockliff if he really has our best interests at heart.
"How polluted do our waterways need to become before our government takes action?
"In the absence of government action to protect Tasmania's marine environment, the public protests will only grow.
"The government should begin by wholly implementing the recommendations of the Legislative Council inquiry, but the industry PR machines, now controlled from overseas, have the government and state opposition dancing on a string."
Tasmanian Greens MHA Rosalie Woodruff said the takeover would be a tragedy.
"Tasmania's fragile, unique marine waters are officially dominated by the profit imperative of foreign owned mega corporations," Dr Woodruff said.
"The purchase of Tassal by Canadian seafood giant Cooke is another tragedy for Tasmania's environment, and ultimately for Tassal's workers.
"Cooke is an atrocious corporate citizen that has been found guilty and fined for:
- Fish farm collapse and mass salmon escape;
- poisoning hundreds of lobsters from illegal pesticides smuggled into Canada;
- overstocking salmon pens; and
- failing to follow regulations, including for environmental testing and reporting.
"Cooke is a company with scant regard for the law that will run roughshod through Tasmanian waters in a way we've never seen before."
Tassal on Tuesday reported operating net profit after tax in 2021-22 increased by 32 per cent to $64 million.
Revenue increased by 33 per cent to $789 million.
Statutory earnings before interest, tax, depreciation and amortisation increased by 36 per cent to $163 million.
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