Samuel Dyer Coriat, Copeinca Board of Directors president. (Photo Credit: Copeinca/FIS)

Copeinca sets China Fishery offer straight

PERU
Thursday, February 28, 2013, 01:40 (GMT + 9)

Fishmeal and fish oil company Copeinca ASA’s Board of Directors reported in reference to the announcement made this week by China Fishery Group Limited (CFGL) regarding an intended offer for all of the shares in Copeinca, that this proposal was unsolicited and made public without having first discussed it with them.

Earlier this week, China Fishery Group informed the public that it intends to offer USD 556 million for Copeinca. CFGL said it is offering USD 9.50 for each Copeinca share and will offer the same amount for the food producer’s Lima-listed securities.

If Copeinca accepts the offer, China Fishery would become Peru's main producer of fishmeal and fish oil from anchovy, the latter said.

Dyer Coriat Holding has 32.6 per cent of the shares in Copeinca and Weilheim Investments has 6.0 per cent of the shares, and neither find the announced intended offer attractive, according to the Board of Directors. In addition, neither of the two shareholders plan to tender their shares in an offer based on the terms and conditions presented by CFGL.

Besides, Ocean Harvest, which holds 13.9 per cent of the shares, has not taken part in a pre-acceptance agreement with regards to the intended offer, but will consider it along with any further developments.

Copeinca’s Board of Directors represents these three shareholders.

The Peruvian firm is currently in the process of formally appointing financial advisors to explore strategic alternatives for Copeinca in light of the announcement made this week by CFGL in order to protect the interests of both Copeinca and all of its shareholders.

Once an evaluation and discussion is held with these financial advisors, the company will share its outlook on the announced intended offer and other relevant developments with the public.

Meanwhile, Copeinca has pointed out that there are discrepancies between the announcements made by CFGL on Copeinca's ticker on the OSE, and those made by CFGL in combination with its related companies Pacific Andes Resources Development and Pacific Andes International Holdings. For these and other reasons, Copeinca is strongly advising shareholders against taking any action with their shares which may be harmful to their interests, and to be generally cautious when dealing in these shares.

Copeinca ASA is one of the largest fishmeal and fish oil producers in Peru, working with anchovy and exporting most of its production to countries including China, Japan, Germany, Canada, Chile and Denmark. 

Related article:

- Pacific Andes goes after Copeinca

By Natalia Real
[email protected]
www.seafood.media

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