Aker acquires French subsidiary outright

Aker Seafoods on Thursday announced it acquired the remaining 30 percent stake in its French subsidiary, Aker Seafoods France, which is now a wholly owned subsidiary of the Norwegian company.

Aker acquired 70 percent of Aker Seafoods France shares in December 2007. The move is part of Aker's strategic plan to invest in France, its largest market.

The transaction secures production and distribution of fresh seafood products in France and provides Aker with an opportunity for further growth in other European markets.

Payment for the shares will be completed in three cash installments. The amount paid for the shares is based on an evaluation of the company's equity capital of EUR 13.75 million (USD 19.44 million).

Arnault Chaperon and Jean-Phillippe Techon, founders of the French company, will retain their management positions.

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