Cermaq to acquire Peruvian fishmeal company

Cermaq to acquire Peruvian fishmeal company

Transaction will establish Copeinca, a leading fishmeal and fish oil producer in Peru, as a new business unit for Norway's Cermaq.

Cermaq ASA has on certain conditions secured future control of more than 50 percent of the shares in Copeinca through agreements with Copeinca ASA and major shareholders of the company. Cermaq will launch a voluntary offer for the remaining shares of the company.

The purpose of the transactions and intended voluntary offer is to establish Copeinca, one of the leading fishmeal and fish oil producers in Peru, as a new business unit for fish meal and fish oil in Cermaq and to ensure essential marine ingredients for the feed customers of EWOS. The combined entity will leverage on the significant competence and experience within both organizations to improve the performance and quality of different fish meal and fish oils, optimize feed formulations as well as supplying scarce raw materials to the salmon farming industry. The transaction will further support Cermaq’s vision as an integrated marine protein company.

Copeinca is a publicly listed company at the Oslo Stock Exchange and is the second largest holder of Peruvian anchoveta quota with 10.7 percent of the north central quota. Copeinca reported total revenues in 2012 of USD 314 million and an operating profit of USD 75 million. The company currently operates 28 fishing vessels and five factories in Peru and sold a total of 178,753 mt fish meal and 41,932 mt fish oil in 2012. The number of employees in the company as of 31 December 2012 was 1,466.

The combined company is expected to benefit from annual synergies in the range of NOK 250 – 270 million (pre-tax). The offer of NOK 59.70 per share values the entire share capital of Copeinca at NOK 3,492 million on a fully diluted basis, based on the shares outstanding as of 4 April 2013 prior to the share issue directed towards Cermaq ASA and excluding the proposed dividend to shareholders, corresponding to an enterprise value of NOK 4,770 million and the transaction is expected to be EPS accretive in 2013 even excluding synergies.

“This transaction, when completed, will strengthen Cermaq’s position as an integrated marine protein company with a significant global market position in marine raw materials which are essential for the salmon industry,” says CEO Jon Hindar in a comment.

“Copeinca and EWOS share a significant knowledge base which will create long term benefits for our customers and significant synergies and corresponding value creation for our shareholders,” Hindar further states. We look forward to complete this transaction and start the cooperation with the employees, the management team and key stakeholders of Copeinca.”

"I am delighted to welcome Cermaq as a large shareholder in Copeinca and for their intention to put forward a voluntary offer for all the shares in the Company. I strongly agree with the long term strategic rationale, creating a unique position that will enhance value throughout the value chain. The Peruvian Fish and Fish oil Industry will benefit from the entrance of Cermaq, which, consistent with the values of Copeinca, is highly focused on social responsibility, sustainability and R&D. We look forward to working closer together with the Cermaq team," says Samuel Dyer Coriat, Chairman of the board of directors of Copeinca.


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