The consolidation of Chile’s salmon sector pushes forward at a record pace, as the controllers of Invermar move forward plans to merge with sister unit Sumar.
In a statement filed with the Chilean securities regulator SVS, Invermar confirmed that it held an extraordinary meeting of its board of directors to start the process. The two companies are related in that they are controlled by the same business group, Alimar, owned by Chilean businessman Roberto Izquierdo. However, currently they function as independent units and each have their own independent shareholders.
According to the filing, two-thirds of shareholders of both firms must agree to the merger, which would result in Invermar absorbing the operation and assets of Sumar.
The board has agreed to name an independent consultant, Heinrich Lessau, and accounting firm Surlatina Auditores to publish an audited balance sheet of both firms with results through 30 September, 2018.
Credicorp Capital will serve as an independent evaluator of the deal, and based on the audit a share exchange offer, sale conditions, and projections on its impact on the company will be made.
This development comes in the shadows of a recent acquisition announced by Chinese foodservice giant Joyvio, a subsidiary of Legend Holdings, that it will buy Australis Seafoods for USD 880 million (EUR 770 million).
Australis’ acquisition follows on several other large deals for Chilean salmon producers. This summer, Chilean protein firm Agrosuper’s subsidiary Los Fiordos purchased Friosur for USD 229 million (EUR 196.4 million), while AquaChile acquired Salmones Magallanes and Pesquera Eden for USD 255 million (EUR 218.4 million). In August, Agrosuper went bigger and purchased a majority interest in AquaChile in a deal worth USD 850 million (EUR 736.4 million).
