Nireus Aquaculture initiates merger with Sea Farm Ionian

Published on
April 1, 2015

Greece-based sea bass and sea bream producer Nireus Aquaculture SA has started the process of absorbing its subsidiary Sea Farm Ionian SA as part of its group restructuring plan.

The merger, which is subject to conditional permits and approval from relevant public and commercial bodies, will result in a consolidation of fish farming activities under a single legal entity, namely the parent company.

Nireus’ board of directors said it expected the move “to strengthen economies of scale and to enhance business efficiency.”

Founded in 1989, Sea Farm Ionian is based in Varibobi, Greece, but also operates in Italy, France, the United Kingdom, Spain, Germany, Austria and Switzerland.

Meanwhile, there is increased speculation in the Mediterranean fish farming industry that Greek producers Selonda and Dias may again be looking to merge, although neither company has commented thus far. Selonda attempted a merger with Dias in 2013 but this long-planned deal stalled after Dias filed for bankruptcy protection.

Selonda recently posted a net profit of EUR 6.3 million (USD 6.8 million) for 2014, compared with a loss of EUR 60.3 million (USD 65 million) in the previous year.

Contributing Editor reporting from London, UK

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