Copeinca ASA, a producer of fishmeal and fish-oil from anchovy caught off Peru, jumped the most on record in Oslo after getting a $556 million bid from Pacific Andes Resources Development Ltd., a supplier of frozen seafood.
Copeinca, based in Lima, Peru, climbed as much as 33 percent, the most since it first sold shares in Oslo in January 2007. The stock traded up 32 percent as of 9:10 a.m., making it the biggest gainer on the Oslo stock exchange’s All-Share index.
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.