Fish-Oil Group Copeinca Gets $556 Million Bid From Pacific Andes
Stock Chart for Pacific Andes Resources Development Ltd (PAH)
Copeinca ASA (COP), a producer of fishmeal and fish-oil from anchovy caught off Peru, said it got a $556 million takeover offer from Pacific Andes Resources Development Ltd. (PAH), a supplier of frozen seafood and vegetables.
The offer, from Pacific’s China Fishery Group unit in Singapore, is at 53.85 kroner ($9.43) a share, Lima-based Copeinca said today in a statement. The bid is at a premium of almost 30 percent to the volume weighted average of the past three months and has the commitment and “indicated positive support” of investors owning 41.5 percent of Copeinca, it said.
Peru is the world’s largest producer and exporter of fishmeal and fish oil by volume, according to Pacific Andes. The acquisition would increase China Fishery’s anchovy catch quota in northern and central Peru by 11 percent, and in the southern region by 3 percent, Pacific Andes said in a separate statement.
The acquisition will establish China Fishery “as one of the largest fishmeal producers in the world,” Pacific Andes said. Demand for fishmeal and fish oil is climbing on a growing global aquaculture industry and increased livestock production, the company said.
The offer price won’t be adjusted for its planned dividend of 3.5 kroner a share, Copeinca said.
To contact the reporter on this story: Alastair Reed in Oslo on at firstname.lastname@example.org
To contact the editor responsible for this story: Christian Wienberg at email@example.com
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.