July 12, 2011
Pesquera Itata and Pesquera El Golfo sign merger agreement
After several months of work, executives from Pesquera Itata SA and Pesquera El Golfo have signed a definitive agreement to finalise the business merger scheduled between late August and early September of 2011.
Under the agreement, the 54.69% of the combined company will be held by Itata and the remaining 45.21% will be owned by El Golfo.
This decision must be approved at the forthcoming extraordinary general meeting of shareholders from each of the firms in late July.
The merging project will have impacts on the results of Pesquera Itata SA and on the value of the shares of the company in the medium and long term. It is no possible to quantify these effects in the present moment," commented Itata CEO, Gerardo BalbontÃn.
He also said that as soon as they have that information, it will be "duly" provided to the ruling body.
The company said that if the right of withdrawal is exercised by shareholders with more than 4% of the commercial papers, the merger will not occur.
The business management will be led by Eduardo Goycoolea, the Administration and Finance Area will be in Fernando Pirozzi's hands, the Consumption Plant Adminsitration will be developed by Enrique Cisternas, the Fishery Operations will be performed by Marcel Moenne, Salmon Section will be Nicos Nicolaides' responsibility, Human Resources will be administered by Raúl Hermosilla; and the new area of Management Control will be taken on by Manuel Gallardo, according to local news.
Both companies expect to consolidate their businesses in the salmon sector in 2012 and to be able to start the harvesting activity of 50,000 tonnes of salmon, that is to say, 7% of what is produced in Chile.
