Norwegian seafood group Marine Harvest has announced it is going to make an offer to take over its Norwegian competitor Cermaq.
“Worldwide sector leader” in aqua culture
Cermaq specialises in fish food and salmon farming and last year had a turnover of 11.8 billion Norwegian crowns (1.6 billion euro). According to Marine Harvest, which farms a fifth of all salmon sold worldwide, the incorporation of Cermaq will create a “worldwide sector leader” in aqua culture.
Marine Harvest already owns 4.34 million shares of Cermaq, worth 4.7% of the total share capital. The Norwegians are willing to pay 105 crowns per share (13.85 euro) to take over Cermaq, a total value of 9.7 billion crowns (half cash, half shares). The largest shareholder of Cermaq is the Norwegian government with 43.54% of all shares. Marine Harvest is said to launch its offer shortly, following the general assembly on 23 May.
Publicly traded Marine Harvest employs about 6,200 people. The group is active in 22 countries and had sales of 2.1 billion euro in 2012.