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Marine Harvest Wins Cermaq Battle - Copeinca Acquisition Rejected

21 May 2013

ANALYSIS - Marine Harvest has won its battle for Cermaq after 37.5 per cent voted against the acquisition of the Peruvian fish meal company Copeinca during Cermaq's Annual General Meeting, writes Lucy Towers, TheFishSite Editor.

A spokesperson from Marine Harvest told TheFishSite that the company will now launch its voluntary offer over the next few days. The offer price is yet to be confirmed.

Marine Harvest has shown interest in acquiring Cermaq in order to create a global seafood leader based upon a complete footprint along the Norwegian coast.

Cermaq initially rejected the offer saying that it saw its future in the fish feed market through its acquisition on Copeinca.

Prior to Cermaq'a Annual General meeting this morning (21 May 2013), Marine Harvest stated it would be willing to improve its offer, as long as the Copeinca deal was voted down, in order to find an amicable solution acceptable to all parties.

Following the meeting, the chair of Cermaq's Board of Directors, Mr Bård Mikkelsen, said: "The board notes that the general meeting has not provided the necessary support for the proposal on the financing of the Copeinca transaction. At the same time 62.5 per cent of the Shareholders Voted in favor of the financing, Demonstrating that a significant Majority of the company's shares supports the acquisition of Copeinca. Today Cermaq holds almost 20 per cent of the shares in Copeinca, and the board will now evaluate alternative courses of action for Cermaq's further engagement in Copeinca.


Lucy Towers

Lucy Towers
News Team - Editor

After graduating from The University of Sheffield, Lucy joined 5M in 2011 as part of the News Desk team. In 2012, she was promoted to editor of TheFishSite. With previous farming experience and a love for the great outdoors, Lucy has a passion for wildlife and the environment.

Top image via Shutterstock

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