Forrest reveals focus on CBH
Mining billionaire Andrew Forrest has revealed a keen interest in the future of a giant WA grains business worth about $3 billion and controlled by more than 4000 farmers in the Wheatbelt.
Mr Forrest said last week he had spent a year looking at CBH and ways to unlock its huge value.
Australia’s biggest co-operative is subject to a corporatisation proposal that promises a $1 billion windfall for growers and shares in a publicly listed company.
“I have looked at CBH and thought is there a path to really develop it and give its stakeholders much greater exposure,” he said.
“I looked at it for about a year and then decided there were other, easier fish to catch.
“I think that CBH has a heap of potential and if it doesn’t want to be taken over, it is up to the current leadership to make sure that potential is maximised for current stakeholders.”
Mr Forrest, speaking at a WA Farmers conference, said Australian agribusinesses needed to act collectively to maximise their opportunities in China and other export markets.