September 15, 2010

Norway's Cermaq acquires additional shares in Marine Farms

Cermaq ASA on Tuesday (sep 14) announced that it acquired an additional 9.7 million shares in Marine Farms ASA-for NOK177 million (US$28.9 million), or NOK18.25 (US$3.00) per share, from Nireus.

Cermaq-which is now Marine Farms' largest shareholder, controlling 42.6% of the Norwegian company-said that it intends to buy Marine Farms outright. The parent of Mainstream already held 5.9 million shares in Marine Farms, or 16.2%, before it purchased an additional 26.4%.

However, according to reports, Friendmall Ltd. purchased 12.1 million shares in Marine Farms from Greek sea bass and sea bream producer Nireus and thereby controls nearly 33% of the company. Friendmall is Morpol's largest shareholder, holding nearly 48% of the Polish salmon-processing company's shares.

Marine Farms operates salmon farms in Scotland through its Lakeland subsidiary, sea bass and sea bream farms in Spain through its Culmarex subsidiary, as well as cobia farms in Vietnam.

Late last month, Marine Farms announced that it's selling its cobia-farming operation in Belize.