China Fishery Matches Cermaq Bid for Fish-Feed Producer Copeinca
China Fishery, a unit of Pacific Andes Resources Development Ltd. (PAH), increased its offer for Lima-based Copeinca to 59.70 kroner ($10.40) per share from 53.85 kroner, it said in a statement today. That matches Cermaq’s offer on April 5.
The companies are seeking to buy Copeinca to expand into the South American nation, the world’s largest exporter of salmon feed ingredients by volume. Cermaq, which already has operations in Canada, Norway, Scotland, Chile and Vietnam, controls more than 50 percent of Copeinca, it has said.
China Fishery, based in Singapore, extended the acceptance period for its offer to May 10. It will also seek renewed approval from its shareholders since the price offered for Copeinca may now exceed the $600 million it already has authorization for.
The acquisition of Copeinca would establish China Fishery “as one of the largest fishmeal producers in the world,” Pacific Andes said on Feb. 26. Demand for fishmeal and fish oil is climbing as the global aquaculture industry grows and livestock production increases, it said at the time.
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