Tuesday, December 26, 2017

Norway's Marine Harvest Expands In Canada (MHG:Oslo; MHGVY otc)

The acquirers stock has tumbled recently on reports of sick salmon in Norway and protests in British Columbia:

From Undercurrent News:

Marine Harvest enters deal to acquire Northern Harvest
Marine Harvest announced Friday that it has entered an agreement to acquire Northern Harvest Sea Farms, a Canadian company with licenses for 45 salmon farming operations in Newfoundland and New Brunswick and another 13 licenses in application mode.

The Bergen, Norway-based seafood group, the world's largest salmon farmer, said it will pay CAD 315 million ($248m) in cash to purchase Northern Harvest’s shares, using funds available from a revolving credit facility.

Undercurrent News reported earlier this month that Marine Harvest was aggressively vying to purchase Northern Harvest and had likely made a second round bid.

The company was believed to be in competition with other prospective buyers, including AMERRA Capital Management, a New York-based private equity that owns Greek seabass and seabream farmer Andromeda Group, and fish by-products firm Biomega Group.

One source tracking the process, who asked not to be quoted by name, had said the deal could “make or break” Marine Harvest’s east coast Canada expansion plans....MORE