January 4, 2013

Corpesca acquires 60% of Selecta for US$60 million

The operation is expected to be materialised before February 28. Through this acquisition, the Chilean company will strengthen its offer to aquaculture companies working nationwide, including fishmeal and oil, and also Golden Omega.

As indicated by Francisco Mujica, Corpesca CEO, the investment contract was made with Selecta investors: Mauricio Mendes, Orlando Dos Santos Filho and Luis Henrique Mendes.

For the process of due diligence to be crowned with success, both companies will have to obtain the approval of the Administrative Council of Economic Defence of Brazil, pursuant to federal laws of that nation.

Selecta financial creditors will have to agree their credit assignments to Corpesca, which should include a total discount of about US$90 million in these loans value. Later, they may be capitalised in the Brazilian firm by Corpesca.

Selecta produces a soyoil concentrate and other derivatives, and has a capacity of 600,000 tonnes a year. Moreover, until last May Corpesca lost about US$15 million because of horse mackerel lower catch quotas and fishing.

For 2012, Corpesca had a quota of 530,000 tonnes of anchovy and 30,000 tonnes of horse mackerel.