Cermaq ASA acquires 26.4 % of the shares in Marine Farms ASA

September 16, 2010 14:41

Cermaq ASA has acquired 26.4 % of the shares in Marine Farms ASA (MAFA) at a price of NOK 18,25 per share, and consequently controls 42.6 % of the company. Cermaq intends to present a mandatory offer to all shareholders in line with the regulations in the Norwegian Securities Trading Act regarding mandatory offers, reports www.megafishnet.com with reference to Cermaq.

Cermaq has been holding 16.2% of Marine Farms since 2004, and has followed the company closely in this period. The Scottish operation in salmon farming of Marine Farms Lakeland has delivered good results and has an estimated sale of 12,000 tonnes for 2010. Additionally, MAFA has interesting activities in Seabass/Seabream through Culmarex as well as emerging operations in Cobia farming with the main activities in Vietnam.

Marine Farms is listed at the Oslo Stock Exchange (OSE) with the ticker MAFA

Transaction
Cermaq has acquired totally 9.7 million shares corresponding to 26.4% of the shares in Marine Farms for a total of NOK 177 million. This corresponds to a price per share of NOK 18.25. Cermaq already holds 5,929,862 shares, corresponding to 16.2% of the shares in Marine Farms, and through this transaction Cermaq is the largest shareholder in the company holding a total of 42.6 % of the shares in Marine Farms.

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