Marine Harvest has entered into a Conditional Transaction Agreement (CTA) with Empresas AquaChile to merge Marine Harvest Chile with AquaChile giving it greater market in Chilean salmon production.
Upon completion of the merger Marine Harvest ASA will own 42.8% of AquaChile, and the merged entity is expected to have a production capacity of approximately 260 thousand tonnes GWT of salmon and 25 thousand tons WFE of Tilapia.
Ole-Eirik Lerøy, Marine Harvest Chairman, said: “The merger between AquaChile and Marine Harvest Chile is in line with Marine Harvest's strategy of forming a world leading integrated protein group. Our already strong position within salmon farming in Chile will be further strengthened and will benefit the entire Chilean industry from a sustainability point of view.”
He pointed out that the merger is also an important part of further improving the sustainability of Chilean salmon production through better risk management control and optimisation of logistics.
The combined entity will be the sole vehicle through which AquaChile and Marine Harvest will develop their aquaculture business in the Americas (with the exception of Canada).
In conjunction with the merger, from 15 June 2016 until 15 June 2017, Marine Harvest will have the option to acquire further shares in AquaChile, currently owned by Inversiones Patagonia and Holding Salmones, through a tender offer that should give Marine Harvest a minimum ownership interest of 55%.
The merger is, among other things, subject to execution of definitive transaction documentation, due diligence, approvals from relevant competition authorities and final approval by the board directors.
