The acquisition of Mowi of a majority participation in the Sea of Mariscos Nova, the European Commission has presented the scrutiny.
The Norwegian seafood giant announced in January that it would increase its participation in the Nova Sea by collecting an additional 46% in the salmon processor held by the Vigner Olaisen investor. That would give Mowi a 95%controlling participation.
Now, the EU Public Authority said in a statement yesterday (September 22) that it is inviting the comments of the interested parties on the transaction after receiving the notification of the agreement on September 12.
The EC organization is inviting the comments for ten days from the date of its statement.
In the preliminary exam, the CE said that the transaction “could fall within the scope of the regulation of fusion”, but added “the final decision on this point is reserved.”
Only food He has contacted Mowi to comment.
The agreement would see Mowi taking the participation of Vigner Olaisen in Nova for NKR7.4bn ($ 748 million currently).
The seafood group has had a minority participation in Nova since 1995. The business said that 30% of the payment of additional interest will be carried out in terms of Mowi shares, while 70% will be in cash.
It is said that the agreement values the Nova is on NKR16bn.
The CE explained that Mowi’s commercial activities cover the full value chain for the Norwegian culture Atlantic salmon (NFAs), through “Food, Agriculture and Global Sales and Processing”, while Nova is only active in the agricultural part and the primary processing of the supply chain.
Mowi will also extend a voluntary cash offer from NKR800M to shareholders who have the remaining 5% of the Nova Sea.
The Mowi CEO, Ivan Vindheim, said in January: “Nova is a favorite in the Norwegian aquaculture industry and is known for its excellent biological performance and leading margins in the industry.
“For 50 years, the company and the Olaisen family have invested in the organization and have made it an impressive and fully integrated operation. Therefore, it is with great pleasure that now, after 30 years, we combine our operations.”
Together with the acquisition of the stake, the president of the Board of the Sea de Nova, Aino Olaisen, will be proposed as a new member of the Board in Mowi.
Nova is anticipating the harvest of 52,000 tons of salmon in 2025.
With the increase in property, Mowi and Nova are expected to be reaping 157,000 tons of salmon in northern Norway in 2025, which contributes to a total harvest volume of 367,000 tons in Norway and 572,000 tons worldwide.
Mowi said he expects integration to generate synergies of approximately NKR400M annually, driven by a better use of specific capacity and investments to improve the health of fish.
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