Canned Fish Seller Oceana in Talks About a Potential AcquisitionJohn Bowker
Oceana Group Ltd., the biggest seller of canned fish in South Africa, said it entered talks on a potential acquisition that may affect its share price.
Shareholders should “exercise caution” until a further announcement is made, the Cape Town-based company said in a statement today. Oceana is 37 percent owned by food producer Tiger Brands Ltd., according to data compiled by Bloomberg.
Oceana shares fell as much as 8.1 percent, the biggest intraday decline since Jan. 5, and were down 4.7 percent at 76.73 rand as of 10:57 a.m. in Johannesburg. The stock has risen 9.9 percent this year, valuing the company at 9.17 billion rand ($987 million).