Norway Pelagic terminates merger
Norway Pelagic ASA announced on Wednesday it has cancelled its acquisition of pelagic fish processor Fryseriet ASA in Norway's Nordland region and its sales arm, Ytterstad Export AS, from Ytterstad Fiskeriselskap AS.The companies could not reach a conclusive agreement to complete the transaction.
Norway Pelagic first announced the merger in late January, but on 1 April extended the date for approval to 31 May.
The acquisition would have given Norway Pelagic an annual capacity of 170,000 metric tons, which represents about 35 percent of pelagic fish production in northern Norway.
Alesund, Norway-based Norway Pelagic is one of the world's largest pelagic fish processors. The group was formed through the merger of Koralfisk AS, Bergen Fiskeindustri AS, Domstein Pelagic AS, Global Fish AS and Bernt Hansen eft AS.