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As a result of the merger, Southpacific Korp would absorb Pesquera San José. (Photo: Pesquera San Jose)
Corporate merger details clarified
CHILE
Wednesday, July 28, 2010, 02:20 (GMT + 9)
Initially, the absorbing firm woul be SPK, except that during the merging process agreed by the employers, they found it more convenient to use the Pesquera San José name.
In addition to this, they clarified that the selling price of each share would be determined on 100 per cent of the value of the merged company. That is, USD 300 million minus the net financial debt plus excess working capital and investment, Diario Financiero reports.
It is expected that once the business union takes place, San José will maintain certain current assets and all of the fishing fleet assets: plants, equipment, fishing permits and concessions, trademarks and liabilities.
It is estimated that during June 30, 2010, these assets had a book value of USD 210 million and their liabilities were USD 164 million. Meanwhile, the assets would amount to USD 46 million.
Southpacific Korp is part of the Grupo de Empresas Copec, one of the largest conglomerates in South America, devoted to the preparation of food for human and animal consuption or industrial application, whose raw materials have been extracted from the ocean.
The company focuses its operations in the region of Bio Bio, Chile, where they have two plants for canning and freezing products as well as two plants for producing fishmeal and fish oil. They also have a fleet of seven fishing vessels.
Pesquera San José is one of the major fishing companies based in Chile, producing more than half of the total exports of frozen fish. The company also has a leading position in the Chilean market, with a 55 per cent stake.
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By Analia Murias
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