Singapore-based China Fishery, a unit of Pacific Andes Resources Development Ltd (PARD), announced this week that it had increased its offer for Copeinca from NOK 53.85 to NOK 59.70 (USD 10.40) per share, thereby matching Cermaq’s offer made on 5 April.
Both firms are trying to buy Copeinca in order to penetrate Peru, which is the world’s largest exporter of salmon feed ingredients by volume. Cermaq already controls more than 50 per cent of Copeinca and has operations in Canada, Norway, Scotland, Chile and Vietnam.
In addition, China Fishery extended the acceptance period for its offer to 10 May and will also seek renewed approval from its shareholders regarding the funds needed for the purchase, since the price offered for Copeinca may now exceed the USD 600 million for which it received authorization on 18 March 2013.
The acquisition would leave China Fishery “as one of the largest fishmeal producers in the world,” Pacific Andes has said.
The settlement of the voluntary cash offer is expected to take place in early June, subject to satisfaction or waiver by China Fishery of the conditions for completion of the voluntary cash offer.
Just a couple of weeks ago, China Fishery sent a letter to the Board of Directors of Copeinca asking it not to use the authorisation granted at Copeinca's 2012 annual general meeting in any way that could obstruct a successful completion of China Fishery’s voluntary cash offer.
This request came after Copeinca’s Board of Directors repeatedly issued negative statements on the voluntary cash offer, including on 4 March, when Copeinca announced that it had appointed UBS Limited, DNB Markets and Carnegie as its financial advisors to examine the best strategic paths it could take pertaining to the voluntary cash offer.
Spanish Fishing Consortia Impact Artisanal Fishing in Central America Nicaragua
The following is an excerpt from an article published by IPS-Inter Press Service:
Spanish transnational fishing companies, especially in Nicaragua, El Salvador and Guatemala, have aimed to exploit ec...
Vietnam's shrimp exports reached over 686 million USD in Q1/2024 Viet Nam
In March 2024, shrimp exports reached nearly 272 million USD, up 3% over the same period last year. Although the growth rate is still modest, this shows that purchasing power from the markets is recov...
The Norwegian Pelagic Fishing Course in Week 17 Norway
Good week for blue whiting in the Faroese zone, but still poor for the sandeel
Blue whiting:
Last week, 19,499 tonnes of coal mullet were registered from 19 different boats. The fishing has ...
Copyright 1995 - 2024 Seafood Media Group Ltd.| All Rights Reserved. DISCLAIMER