Marine Harvest ASA has acquired 4.7% of the share capital in Cermaq, and has announced that it intends to make an offer to buy out the rival company.
However, this will depend on whether Cermaq continues with its effort to take over Peruvian fishmeal and fish oil producer Copeinca.
If Cermaq does not go ahead with the Copeinca takeover, Marine Harvest will make a voluntary offer of NOK105 per share for all outstanding shares of Cermaq, which is 22% above the Cermaq 30 April 2013 closing price. The offer consideration will consist of a combination of 50% shares in Marine Harvest and 50% cash.
The company says that combining Marine Harvest and Cermaq will create a “global seafood leader”.
"In our view, no other industrial combination than Cermaq and Marine Harvest is better suited to lift both the companies and the Norwegian marine industry into a position of global leadership,” said Marine Harvest chairman, Ole-Eirik Lerøy.
He said that the company plans to build an integrated protein company emphasising feed, farming and value-added processing - moving away from the traditional raw materials role of Norwegian companies.
“Thus, we have made the offer conditional on the annual general meeting of Cermaq declining to issue the shares required to carry out the Copeinca transaction", said Mr Lerøy.
Cermaq is expected to make its decision at its annual general meeting on 21 May, and Marine Harvest’s AGM has been moved to 23 May to see what is decided.
“Which transaction that is most desirable, will be decided by the shareholders of Cermaq", said Mr Lerøy.
