A Copeinca fishmeal plant. (Photo: Copeinca)

Cermaq to sell its Copeinca shares to China Fishery

NORWAY
Monday, June 24, 2013, 23:30 (GMT + 9)

Norwegian fish-feed maker Cermaq announced that it has agreed to sell its shares in Peruvian fishmeal company Copeinca to China Fishery Group.

Cermaq said China Fishery Group has entered into a pre-acceptance agreement for all shares owned by Cermaq ASA, and that a completion of the voluntary offer will provide Cermaq with total proceeds of approximately NOK 928 million (EUR 116.6 million) and a gain of NOK 114 million (EUR 14.3 million).

China Fishery, a unit of Pacific Andes Resources Development Ltd (PAH), will offer NOK 68.17 (EUR 8.6) a share through its Grand Success Investment unit, according to Copeinca, as opposed to its earlier bid of NOK 59.70 (EUR 7.5). China Fishery has pre-acceptances for about 57 per cent of the fishmeal maker, so that it now controls 74.2 per cent of the group, Copeinca noted.

At the time of the announcement, China Fishery owns 5,773,000 Copeinca shares, representing 8.22 per cent of the total number of shares outstanding in Copeinca. Further, late last week, China Fishery exercised its call option to acquire 6,295,100 additional Copeinca shares, representing approximately 8.97 per cent of the outstanding shares in Copeinca, from Veramar Azul SL, pursuant to a call option agreement.

Moreover, China Fishery said it has received pre-acceptances for the new offer for a total of 40,039,247 Copeinca shares, representing 57.04 per cent of the outstanding shares in Copeinca, from various Copeinca shareholders, including Dyer Coriat Holding SL (19,098,000 shares or 27.21 per cent), Weilheim Investments SL (3,485,930 shares or 4.97 per cent), and Cermaq (13,620,492 shares or 19.40 per cent). 

This leaves China Fishery with 74.2 per cent of Copeinca’s shares.

The Hong Kong-based company’s goal is to, via the purchase of Copeinca, expand its reach within Peru, which is the world’s largest exporter of salmon feed ingredients by volume and Peru’s second-largest fishing company. The strategy is tightly tied to the global aquaculture industry being on the upswing and livestock production increasing.

Related articles:

- China Fishery matches Cermaq's offer to buy Copeinca 
- Copeinca reassures stakeholders in light of China Fishery's announcement 

By Natalia Real
[email protected]
www.seafood.media

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