Fredriksen Sells $510 Million Stake in Marine Harvest

  • Completes sale of 37.8 million shares at 117 krone a share
  • Now holds about 17.7% of world’s largest salmon farmer

Geveran Trading Co., a company controlled by shipping and oil billionaire John Fredriksen, sold a 4.42 billion krone ($510 million) stake in Marine Harvest ASA after a surge in prices.

Geveran sold 37.8 million shares, or about 8.4 percent of the world’s largest salmon farmer, in an accelerated book-building, according to an e-mailed statement from Morgan Stanley, who was bookrunner for the deal. Geveran now owns 79.6 million shares, or about 17.7 percent.

Fredriksen’s wealth has been hammered over the past 18 months by the plunge in crude oil prices, but his holding in Marine Harvest has provided some relief. The shares last month climbed to the highest levels since October 2003, turning Marine Harvest into his most valuable equity holding.

Morgan Stanley was hired as sole book-runner for the transaction, while Carnegie Investment Bank was co-lead manager.

Marine Harvest fell as much as 7.2 percent, the most since March 25 and was down 6 percent as of 10:57 a.m. in Oslo trading. The stock has risen about 22 percent over the past 12 months.

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