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Salmon farming facilities belonging to Cermaq. (Photo Credit: Cermaq)
Mitsubishi becomes Cermaq’s new owner
(NORWAY, 10/22/2014)
The Ministry of Trade, Industry and Fisheries has accepted the offer made by Mitsubishi Corporation for the Norwegian State's shares in the aquaculture company Cermaq.
These shares, included in the voluntary offer made by the Japanese firm through its subsidiary MC Ocean Holdings Limited, represent approximately 90.97 per cent of the outstanding shares and votes in the Norwegian company.
The bid for the firm holding extensive aquaculture assets in Norway and Chile amounts to USD 1.4 billion, Reuters reported.
Given completion of the offer, the state will no longer hold shares in the company.
Mitsubishi informed in a release that the remaining terms and conditions of the offer are set out in the Offer Document and the Japanese firm will issue a notification through the Oslo Stock Exchange when the conditions for completion of the offer have been met, waived or failed to be met.
In its release it also stated that if the conditions of the offer are met or waived, Mitsubishi Corporation will upon completion of the offer initiate a compulsory acquisition of the remaining shares of the company it does not own in accordance with applicable laws, and to propose that the company applies for a delisting of the shares from the Oslo Stock Exchange.
With this operation, Mitsubishi is following Japan’s other traders by moving into the food industry amid a slowdown in the pace of Chinese demand for coal and iron ore. Buying Cermaq will form the world’s second-largest salmon farmer.
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Information of the company:
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Address:
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Marine Products Dept., 2-3-1 Marunouchi, Chiyoda-Ku
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City:
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Tokyo
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State/ZIP:
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(100-86)
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Country:
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Japan
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