Norwegian seafood company Marine Harvest has offered NOK9.7bn (US$1.7bn) to fish farming group Cermaq.
The company offered NOK105 per share for Cermaq – 22% above the firm’s 30 April closing price, it said. The deal, however, is conditional upon Cermaq shareholders not pursuing a proposed NOK3.49bn takeover of Peruvian fishmeal firm Copeinca.
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It is understood Cermaq is looking to buy Lima-based Copeinca in a bid to expand into South America.
Yesterday’s offer consideration to Cermaq will consist of a combination of 50% shares in Marine Harvest and 50% cash.
“In our view, no other industrial combination than Cermaq and Marine Harvest is better suited to lift both the companies and the Norwegian marine industry into a position of global leadership,” Marine Harvest said. “We will maintain all significant parts of the companies in a strong, world class company; offering an integrated value chain from feed to retail sales.”
The offer requires two-thirds acceptance from shareholders.
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By GlobalDataMarine Harvest said it will look to sell a five-year EUR350m convertible bond as part of the financing for the takeover.
A combination of Marine Harvest and Cermaq would create a global seafood leader based upon a complete footprint along the Norwegian coast, the company said.
