Cermaq takes over Copeinca

Cermaq ASA has acquired more than 50 percent of the shares in Peruvian fish and fishmeal producer Copeinca, putting an end to speculation that China Fishery Group would buy enough shares to take it over.

Purchase of the company would give Copeinca’s new owners control of the largest fishmeal company in Peru, and China Fishery had already made an offer to buy a controlling interest in the company’s shares for USD 556 million (EUR 427.3 million), but Copeinca rejected that offer. The Cermaq offer is for over USD 800 million (EUR 618.6 million), and Cermaq is expected to now make a second offer for the remaining shares available for sale.

"This transaction, when completed, will strengthen Cermaq's position as an integrated marine protein company with a significant global market position in marine raw materials which are essential for the salmon industry," said CEO Jon Hindar.

China Fishery had already purchased 9.9 percent of Copeinca’s shares from Ocean Harvest, the company’s second largest single shareholder, but the Cermaq deal was with Dyer Coriat, the largest shareholder in the company.

"The Peruvian Fish and Fish oil Industry will benefit from the entrance of Cermaq, which, consistent with the values of Copeinca, is highly focused on social responsibility, sustainability and R&D,” said Samual Dyer Coriat, who is also chairman of the board of directors at Copeinca. “We look forward to working closer together with the Cermaq team."   

Subscribe

Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500
None