Itata and El Golfo merging agreement. (Photo: Itata/Stock File/FIS)

Itata and El Golfo agree to merge

CHILE
Monday, July 11, 2011, 23:50 (GMT + 9)

Companies Pesquera Itata SA and Pesquera El Golfo are planning to merge between late August and early September this year.

As reported to the Superintendencia de Valores y Seguros (SVS), after several months of work, executives from both companies signed a definitive agreement to finalize the business merger.

Under the agreement, the 54.69 per cent of the combined company will be held by Itata and the remaining 45.21 per cent will be owned by El Golfo.

This decision must be approved at the forthcoming extraordinary general meeting of shareholders from each of the firms in late July.

The merging project will have impacts on the results of Pesquera Itata SA and on the value of the shares of the company in the medium and long term. It is no possible to quantify these effects in the present moment," commented Itata CEO, Gerardo Balbontín.

He also said that as soon as they have that information, it will be “duly” provided to the ruling body, Aqua reported.

The company said that if the right of withdrawal is exercised by shareholders with more than 4 per cent of the commercial papers, the merger will not occur.

The business management will be led by Eduardo Goycoolea, the Administration and Finance Area will be in Fernando Pirozzi’s hands, the Consumption Plant Adminsitration will be developed by Enrique Cisternas, the Fishery Operations will be performed by Marcel Moenne, Salmon Section will be Nicos Nicolaides’ responsibility, Human Resources will be administered by Raúl Hermosilla; and the new area of Management Control will be taken on by Manuel Gallardo, according to the newspaper Estrategia.

Both companies expect to consolidate their businesses in the salmon sector in 2012 and to be able to start the harvesting activity of 50,000 tonnes of salmon, that is to say, 7 per cent of what is produced in Chile.

Related article:

- Two seafood companies merge operations

By Analia Murias
[email protected]
www.seafood.media
 

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