Agribusiness buzz in brief

Since mid June the billionaire mining and agricultural baron's family investment group, Tattarang, has spent almost $11.6 million increasing its stake in the company by about one per cent.

Another percentage point increase would see Tattarang nudging the 19.9pc limit after which Mr Forrest (pictured) would be required to officially declare a buyout intention for the 198-year-old business.

Given British billionaire investor, Joe Lewis, pushed his Tavistock group's stake in AACo to almost 50.1pc in September, an immediate bid by the Australian group is considered unlikely.

The Forrest's Tattarang trust has also been building a steady stake in national dairy and spreads business, Bega Group, which grew to 11.5pc in July.

Dairy giant Fonterra has begun officially offloading its Chilean processing business, Soprole, to Peru's Gloria Foods for $980 million following its earlier review of assets in South America and Australia.

The New Zealand-based, dual listed co-operative confirmed it started formal discussions back in April as part of its moves to exit more international operations after struggling to make its global processing expansion efforts profitable during the past decade.

Gloria Foods has a market presence in several other South American countries including Bolivia, Puerto Rico, Argentina, Colombia and Uruguay and has longstanding relationships with Fonterra.

Farm services agribusiness, Nutrien Ag Solutions, has donated $150,000 to the Foundation for Rural and Regional Renewal to support flood-affected communities to rebuild in the wake of the devastating events of the past few months.

Newly installed Nutrien managing director, Kelly Freeman, said supporting impacted communities at a local and national level was a priority for the business.

"Many of the communities in which we live and work in NSW, Victoria and Tasmania continue to deal with serious impacts from flooding and number of our branches and stores and many of our farmer customers have been directly affected.

Nutrien will also match employee donations, to show support for its staff contributions to those affected.

FRRR has supported communities across the country to prepare for and recover from natural disasters since 2006, distributing $46m for community-led disaster recovery and resilience initiatives.

Prominent Australian maker of wire, fence posts, tubular steel and reinforcing mesh, InfraBuild, is buying three US steel and wire businesses from its international parent company, the GFG Alliance.

GFG and InfraBuild are part of British billionaire steel magnate Sanjev Gupta's global business, which is restructuring to pay down debt originally financed by Greensill Capital before it collapsed last year.

InfraBuild is the parent company of the 140-year-old former BHP-owned Waratah fencing products brand, and considered one of the best performing operations in the Gupta stable with group revenue rising 32 per cent to a record $6 billion in 2021-22.

In the past decade the Whyalla-based steel maker and recycler has had name changes from OneSteel, to Arrium, then Liberty when it became part of Gupta's Liberty empire, adopting its most recent business moniker in 2019.

InfraBuild, which already owns steel recycling businesses in the US, will now buy Johnstown Wire Technologies' plants in Pennsylvania and Ohio; wire, mesh and rolling mills run by Keystone Consolidated Industries in Ohio and Mexico, and a steelworks in South Carolina.

Trans-Tasman milk and nutritional formula business A2 Milk Company will see its chairman, David Hearn, bow out in November next year after almost a decade on its board.

Directors have already agreed Pip Greenwood, who has been on the A2 board since 2019, will take the chairman's role

"She has both the skills and importantly the experience to take over from David Hearn at that time," a statement from the company.

She is also on the boards of Westpac New Zealand, Spark New Zealand, Fisher & Paykel Healthcare and Vulcan Steel.

Mr Hearn became chairman in 2015 and during his time revenue has grown more than 800 per cent.

"Whilst I recognise we have had some turbulent times recently, it is an extraordinary experience to play a part in the development of this amazing business," he said.

The Department of Agriculture, Fisheries and Forestry has launched a grants program to encourage farmers to take up drought resilience practices and technology.

More than $14 million is available under the Future Drought Fund Extension and Adoption of Drought Resilience Farming Practices Grants program.

Projects will receive between $100,000 and $3 million to drive adoption of proven Australian and international generated research and development to help farmers prepare for the impacts of future droughts.

"Proven R and D practices and technologies that present solutions and can assist farmers with improving drought resilience are already out there, but there's a gap when it comes to getting them adopted on farm across the country," said department deputy secretary, Rosemary Deininger.

"This program is supporting a proactive approach to risk management, climate action and resilience and could help farms to bounce back faster."

Successful projects would also provide extension demonstration opportunities to other farmers.

Applications must be submitted by January 9.

Raine and Horne Rural hosts representatives from around Australia for the group's inaugural Rural Muster in Sydney this week, addressing agribusiness trends and issues impacting rural and regional real estate markets.

Keynote speakers include executive chairman, Angus Raine, and business development officer with agri-finance specialist, StockCo, Chris Howie.

Muster organiser and NSW Raine and Horne network manager, Travis Wentriro, said rural real estate markets Australia-wide were reaching a significant crossroads with some massive agribusinesses about to face major succession planning issues.

"In many cases, second or third generation families are running these rural concerns, and they want to set their succession plans in concrete, but often the next generation doesn't want to stay farming, which drives plenty of rural sales," he said.

"Our agents from around Australia are in Sydney to discuss the way forward for Raine and Horne Rural."

Ten applicants will share a collective $137,700 in first round funding from the Business Council of Co-operatives and Mutuals' Bunya Fund, which aims to help kick-start a new generation of member-owned businesses.

Recipients include NSW's Coota District Co-op, at Cootamundra, formed last year after the town's last remaining department store closed its doors, leaving the community without access to basic supplies.

Others winners were a co-operative music streaming platform owned by musicians, two co-operative housing groups, and the Northern Australia Aboriginal Kakadu Plum Alliance.

The Bunya Fund was launched in June to help grow Australia's co-op and mutual sector by bridging the funding gap for early stage enterprises to develop their businesses.

It provides funding for education, training, advisory and mentoring to support emerging co-operatives.

Founding fund contributors include Australia's largest co-operative, CBH Group, Australian Unity, Bank Australia and Co Power.

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