Federal Treasurer Joe Hockey has approved the $1.4 billion takeover by Brazilian meat company JBS of pork smallgoods producer Primo.
Primo is Australia’s largest producer of ham, bacon and pork products and it brands include Primo Smallgoods and Hans.
It operates five processing plants, including one in Brisbane, and employs 3000 people.
Brazilian company JBS is the largest meat processing company in the world. The Primo takeover is by its US arm.
The Australian Competition and Consumer Commission announced last month that it would not oppose the move.
The approval is conditional on JBS maintaining third party access to Primo’s abattoir in Scone, NSW.
JBS will also have to report to the Foreign Investment Review Board on its compliance every six months, and the transaction wikll be reviewed in three years.
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