China Fishery Bids $790 Million for Fish-Feed Maker CopeincaAlastair Reed
China Fishery Group Ltd., a unit of Pacific Andes Resources Development Ltd. increased its offer for Copeinca ASA, a producer of fishmeal and oil from Peruvian anchovies, to about 4.8 billion kroner ($790 million).
China Fishery, through its Grand Success Investment unit, will offer 68.17 kroner a share, Lima-based Copeinca said in a statement today. That compares with an earlier bid of 59.70 kroner. The Hong Kong-based company has pre-acceptances for about 57 percent of Copeinca, meaning it now controls 74.2 percent of the group, Copeinca said.
China Fishery is seeking to buy Copeinca to expand into the South American nation, the world’s largest exporter of salmon feed ingredients by volume, as the global aquaculture industry grows and livestock production increases.
Cermaq ASA, a Norwegian fish-feed maker which had also been bidding for Copeinca, will accept the new offer from China Fishery, it said in a separate statement.
Shares in Copeinca jumped 16 percent to 67.5 kroner, the highest intraday level since Oct. 8, 2007, and where they were trading as of 9:18 a.m. Cermaq gained 1.5 percent to 104 kroner.