Granja Marina Tornagaleones aquaculture centre. (Photo: Granja Marina Tornagaleones)

Trusal and Granja Marina Tornagaleones fail to realize merger

CHILE
Thursday, February 14, 2013, 22:30 (GMT + 9)

Trusal S.A. failed to reach an agreement to merge with Granja Marina Tornagaleones, after more than a year of negotiations.

As reported by Diario Financiero, the operation failed because of the high level of passive -- about USD 100 million -- and the need to inject about USD 50 million just for working capital.

The disagreement between the two companies takes place during the stocking season, a period of great activity for hiring workers.

While earlier, it had emerged that Trusal’s directory had decided to make more flexible its position with regard to the valuation of its assets --nearly USD 70 million--, having to assume financial liabilities finally tipped the balance against the operation.

For now, the banks did not receive any communication about these failed negotiations.

Meanwhile, Trusal financial advisor --Asset Chile-- have resumed talks with other local and foreign firms to find a buyer.

Several Peruvian companies have expressed interest in acquiring a company in the Chilean market. Some of them are Diamante, Congelados Peruana del Pacífico and Grupo Romero.

According to available data, in 2011 Trusal produced between 27,000 and 30,000 tonnes per year for USD 160 million.

The situation of Chilean companies has become worrying, as a result of the decline in salmon prices, increased costs, new regulations and the increasing value of fishmeal.

Some local companies have already approached their creditor banks to renegotiate their debts again.

For its part, financial institutions admitted that are willing to extend the time, but the demands to the companies will increase, especially in relation to pledged shares.

Other companies that were interested in acquiring Trusal last year are Mainstream -- part of the Norwegian Cermaq -- and the Peruvian Tecnológica de Alimentos S.A. (TASA) , Estrategia informed.

Related articles:

- Granja Marina Tornagaleones and Trusal, closer to their merger
- Chilean and foreign companies interested in buying Trusal

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

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