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April 13, 2005

EUROPE: Nutreco, Stolt-Nielsen get approval for fish farm merger

Dutch company Nutreco Holding NV has received approval from the EU competition authorities for the merger of its fish farming, processing and marketing & sales operations with those of Norway’s Stolt-Nielsen S.A.

Dutch company Nutreco Holding NV has received approval from the EU competition authorities for the merger of its fish farming, processing and marketing & sales operations with those of Norway’s Stolt-Nielsen S.A.

The memorandum of understanding between the two companies was announced in September 2004. The merger will create a new, independent company called Marine Harvest which will employ over 6,000 people worldwide and will be headed by CEO Hans den Bieman.

The head office will be in Amersfoort, the Netherlands. Nutreco will take a 75% share in Marine Harvest and Stolt-Nielsen a 25% share. Marine Harvest will incorporate annual sales of approximately €850m (US$1.1bn) in salmon, cod, halibut, tilapia and other farmed fish.

The establishment of a stand-alone, independently financed Marine Harvest is fully in line with Nutreco’s previously announced strategy ‘Rebalancing for Growth’. This strategy puts a clear focus on the growth of Nutreco’s animal nutrition and fish feed business and the reduction of financial exposure to the earnings volatility of its food business, the company said.

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