January 19, 2015


Marine Harvest to merge Marine Harvest Chile with AquaChile





Marine Harvest ASA has entered into a Conditional Transaction Agreement with Empresas AquaChile S.A to merge Marine Harvest Chile S.A with AquaChile.


AquaChile and Marine Harvest Chile has a combined production of 165 thousand tons GWT (gross weight tonnage) of salmon and 19 thousand tons WFE (whole fish equivalent) of tilapia in 2014. The merged entity is expected to have a production capacity of about 260 thousand tons GWT of salmon and 25 thousand tons WFE of tilapia.


The merger is expected to improve the sustainability of Chilean salmon production through better risk management control, and optimisation of logistics which in turn is expected to lead to improved fish health and more efficient production.


Marine Harvest Chairman Ole-Eirik Lerøy said, "The merger between AquaChile and Marine Harvest Chile is in line with Marine Harvest's strategy of forming a world leading integrated protein group. Our already strong position (sic) within salmon farming in Chile will be further strengthened and the combination of these excellent companies will form a very efficient Chilean entity that also will benefit the entire Chilean industry from a sustainability point of view."


The surviving entity will be AquaChile and AquaChile will continue to be listed on the Santiago Stock Exchange on a stand-alone basis.


Upon completion of the merger Marine Harvest ASA will own 42.8% of AquaChile. 


In conjunction with the merger, Marine Harvest has agreed on a standstill position of its ownership in AquaChile until 15 June 2016. From 15 June 2016 until 15 June 2017, Marine Harvest will have the option to acquire further shares in AquaChile through a tender offer that at a minimum will give Marine Harvest an ownership interest of 55.0%.

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