Ventisqueros processing plant. (Photo: Ventisqueros S.A.)

Ventisqueros and Congelados del Pacifico evaluate merger

CHILE
Friday, February 22, 2013, 00:50 (GMT + 9)

Chilean seafood industry sources announced the start of negotiations between executives from Ventisqueros S.A. and Congelados del Pacifico to agree a merger.

According to the report by Estrategia, the talks began a few months ago; however, it is unknown at what stage the negotiations are at this time.

Considering the turbulent situation affecting the Chilean salmon industry, the two companies should merge to increase their current size.

In addition, the alliance would generate synergies and a more efficient operation in Chile.

Ventisqueros had projected to produce about 40,000 tonnes in 2013, as part of a plan to double its operations, including Atlantic and Pacific salmon, and trout.

Congelados del Pacífico, which owns more than 20 licenses in the region of Los Lagos, had set as targets to double in size and reach a production of 30,000 tonnes (now it would be close to 15,000 tonnes).

Moreover, the Spanish company Acuinova is reportedly negotiating the sale of its assets to the Norwegian capital company Marine Harvest.

While a few days ago, 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 liabilities level -- about USD 100 million -- and the need to inject about USD 50 million just for working capital.

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

Related article:

- Trusal and Granja Marina Tornagaleones fail to realize merger

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

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