Marine Harvest ASA announced on Monday that Marine Harvest Chile and recently acquired Acuinova will merge with AquaChile, with a net interest bearing debt of USD 65 million (EUR 56 million). The entity will be called AquaChile and will continue to be listed on the Santiago Stock Exchange on a stand-alone basis.
Upon completion of the merger, expected to close in the third quarter of 2015, Marine Harvest ASA will own 42.8 percent of AquaChile; Marine Harvest has agreed on a standstill position of its ownership in AquaChile until 15 June 2016.
“The merger between AquaChile and Marine Harvest Chile is in line with Marine Harvest's strategy of forming a world leading integrated protein group,” said Marine Harvest Chairman Ole-Eirik Lerøy. “Our already strong position within salmon farming in Chile will be further strengthened and the combination of these excellent companies will form a very efficient Chilean entity that also will benefit the entire Chilean industry from a sustainability point of view. The board believes that such a strategy will provide significant operational benefits, as well as improving and stabilizing the long term earnings for the group.”
Victor Hugo Puchi will remain as AquaChile chairman and will lead management teams through the merger process.
The merged entity is expected to have a production capacity of 260,000 metric tons (MT) of salmon and 25,000 MT tilapia.
From 15 June 2016 until 15 June 2017, Marine Harvest will have the option to acquire further shares in AquaChile through a tender offer that at a minimum will give Marine Harvest an ownership interest of 55.0 percent.
