Tasmanian salmon grower Tassal snapped up by Canadian giant for $1.1b

Canadian aquaculture giant Cooke has succeeded in its takeover bid for Tassal and will acquire the Tasmania-based salmon producer for $1.1 billion after three previous attempts that were knocked back.

Cooke, which already owned 10.5 per cent stake in the ASX-listed salmon grower, will buy 100 per cent of Tassal’s shares for $5.23 per share. Cooke’s initial offers were $4.67, $4.80 and then $4.85.

Tassal chair James Fazzino said the deal follows months of negotiation between the two parties.

“The Tassal board believes the revised proposal reflects appropriate long-term value for the business, and is unanimous in its view that the scheme is in the best interests of Tassal shareholders.”

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Tassal CEO Mark Ryan said the two companies were a “natural fit” for one another and the acquisition allows Tassal to “fast-track our goal to be one of the world’s most transparent and sustainable protein producers.”

Cooke previously attempted to acquire Huon Aquaculture but ultimately lost out to Brazilian-owned JBS, a meat and food processor.

The agreement between Cooke and Tassal means that two of Australia’s three largest salmon producers are now owned by foreign companies. Petuna is 50 per cent owned by New Zealand company Sealord Group.

Tassal’s acquisition announcement comes on the same day as it reveals its 2022 financial year results.