Cermaq Acquires Shares and Secures Future Control of Copeinca08 April 2013
PERU - Cermaq ASA has secured its future control of more than 50 per cent of the shares in Copeinca through agreements with Copeinca ASA and Major Shareholders of the company. Cermaq will launch a Voluntary sacrifice for the Remaining Shares of the company.
The purpose of the transactions and intended Voluntary sacrifice is to establish Copeinca, one of the leading fishmeal and fish oil Producers in Peru, as a new business unit for fish meal and fish oil in Cermaq and to ensure essential ingredients for the feed customers of EWOS.
The combined entity will leverage on the significant competence and experience within both organisations to improve the performance and quality of different fish meal and fish oils, optimise feed formulations as well as supplying scarce raw materials to the salmon farming industry. The transaction will further support Cermaq's vision as an integrated marine protein company.
Copeinca is a publicly listed company at the Oslo Stock Exchange and is the Second Largest holder of Peruvian anchoveta quota with 10.7 per cent of the north central quota.
Copeinca reported total Revenue in 2012 of USD 314 million and an operating profit of USD 75 million. The company currently operates 28 fishing vessels and five factories in Peru and sold a total of 178,753 mt fish meal and fish oil 41,932 mt in 2012. The number of employees in the company as of 31 December 2012 was 1466.
The combined company is expected benefit from two annual shows given in the range of probably 250 to 270 million (pre-tax).
"This transaction, when completed, will string Cermaq's position as an integrated marine protein company with a significant global market position in marine raw materials Which are essential for the salmon industry," says CEO Jon Hindar in a comment.
"Copeinca and EWOS share a significant knowledge base which will create long term benefits for our customers and significant visions given and corresponding value creation for our Shareholders," Mr Hindar further states.
"We look forward to completing this transaction and start cooperation with the employees, the management team and key stakeholders of Copeinca," Jon Hindar concluded.
"I am delighted to welcome Cermaq as a large shareholder in Copeinca and of their intention to put forward a Voluntary offer for all the shares in the Company. I strongly agree with the long term strategic rationale, creating a unique position that will enhance value throughout the value chain. The Peruvian Fish and Fish Oil Industry will benefit from the entrance of Cermaq. We look forward to working closer together with the Cermaq team," says Samuel Dyer Coriat, Chairman of the board of directors of Copeinca.
TheFishSite News Desk