Maruha Nichiro Nixes Clearwater Deal

By

SeafoodSource staff

Published on
November 2, 2008

Maruha Nichiro Holdings late last week cancelled a capital tie-up deal with Clearwater Seafoods after the Canadian seafood company was unable to complete its privatization plans due to the uncertainty surrounding Icelandic bank Glitnir, according to Jiji Press.

Maruha Nichiro, the world's largest seafood company, announced earlier this month that it was investing 8 billion yen (US$81 million) in Clearwater after it reduces its debts in loan rollover arrangements with banks including Glitnir, which was partially nationalized due to the global credit crisis.

Glitnir committed to provide about 10 percent of the financing required to complete the Clearwater deal, originally announced in August and approved by shareholders in September. But soon after, the Icelandic government put Glitnir into receivership, delaying the transaction.

Then on Tuesday, Clearwater confirmed that it was unable to complete its privatization plans.

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