Salmon farming giant Cermaq ASA has acquired 26.4% of the shares in Marine Farms ASA at a price of NOK 18.25 (€2.31/$3) per share, and consequently controls 42.6% of the company.
Cermaq intends to present a mandatory offer to all shareholders in line with the regulations in the Norwegian Securities Trading Act regarding mandatory offers.
It has been holding 16.2% of Marine Farms since 2004, and has followed the company closely in this period.
The Scottish operation in salmon farming of Marine Farms Lakeland has delivered good results and has an estimated sale of 12,000 tonnes for 2010. Additionally, Marine Farms grows seabass and seabream through Culmarex, and also has emerging operations in cobia farming with the main activities in Vietnam.
Cermaq acquired 9.7 million shares corresponding to 26.4% of the shares in Marine Farms for a total of NOK 177 million (€22.4 million/$29.1 million).
It already holds 5,929,862 shares, corresponding to 16.2% of the shares in Marine Farms, and through this transaction Cermaq is the largest shareholder in the company holding a total of 42.6 % of the shares in Marine Farms.
Cermaq has operations in Norway, Chile, Canada and Scotland, the main geographic regions for salmon and trout farming.
Through its EWOS subsidiary, Cermaq ranks as the world's second largest producer of feed for salmonids.
