ACCC monitors possible sale of Teys to Cargill
The ACCC revealed on Tuesday that it has begun monitoring press speculation regarding a possible merger between Cargill and Teys Bros.
James Packer’s 51% stake in Australia’s second-largest beef processing company may be on the table for $500 million, according to the Australian Financial Review.
Teys Bros is the largest Australian-owned beef processor in the country, second only to Brazilian meat giant JBS Swift.
Teys Bros was affected by the Queensland flooding, with processing plants closed at Rockhampton and Biloela (including some flooding at Rockhampton), road and rail routes damaged, and the company’s feedlot affected by evacuation of employees from nearby Condamine. Despite this, the company managed to donate $50,000 to flood relief efforts.