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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
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.
