|
Salmones Cupquelan farm. (Photo: Salmones Cupquelan)
Salmones Cupquelán acquires 54pc of Invermar
CHILE
Friday, April 05, 2013, 22:10 (GMT + 9)
Salmones Cupquelán – a subsidiary of the Canadian company Cooke Aquaculture -- has agreed to purchase 156,153,494 shares of Invertec Pesquera Mar de Chiloé (Invermar), representing 54.07 per cent of the total, with a value of USD 20 million.
Last week, Salmones Cupquelán made an offer for that amount to buy a part of Invermar, which is involved in the production of frozen salmon in Los Lagos Region.
In late January, the company authorized Cupquelán to have access to their financial statements in order to perform the due diligence process, which has already been completed.
The purchase will take place no later than 30 April, 2013, provided the agreed essential conditions are met, Diario Financiero reported.
Among them the one that is highlighted is an agreement with the creditor banks of the syndicated loan agreement signed by Invermar, as it is detailed in a material fact sent to the Superintendencia de Valores y Seguros (SVS).
The operation is expected to generate synergies of approximately USD 5 million annually, said Invermar manager, Andrés Parodi.
Meanwhile, on Wednesday Invermar shares progressed around 9 per cent in the Santiago Stock Exchange, after undergoing heavy losses in the previous session.
The documents advanced by 8.6 per cent up to CLP 84.5 (USD 0.17) per share, after accumulating a loss of 35.61 per cent in the previous two sessions.
Related article:
- Invermar shares recover from collapse
By Analia Murias
[email protected]
www.seafood.media
|
Print
