New Zealand fishing company Sanford has said talks to create a seafood giant though a merger with Sealord Group and Pacific Marine Farms have ended without a deal being reached.

Sanford managing director Eric Barratt said that the three companies may still cooperates in some areas.

“Discussions and detailed investigations were conducted in a positive and constructive environment,” Barratt was quoted by Dow Jones International News as saying. 

“However, there were issues that were not able to be resolved to the satisfaction of the boards of all companies and it was agreed that discussions on a formal merger would not proceed further,” he added. 

The impact of the high NZ dollar, lower than expected catches of hoki, the difficult market environment for greenshell mussels and high fuel prices were all given by Sanford as reasons in favour of industry consolidation.