Mowi Gets Ec Approval For Controlling Stake In Salmon Peer Nova Sea

1 month ago

The Norwegian group is raising its liking successful Nova Sea to 95% and has lodged a bid to return nan remaining 5% from shareholders.

Norwegian seafood awesome Mowi has said its bid for an accrued liking successful Nova Sea has been approved by nan European Commission.

Clearance was fixed connected Friday (17 October) for Mowi to raise its liking successful its Norway-based salmon farming and processing adjacent to 95% from 49%, an acquisition announced successful January.

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Mowi is taking nan further shares from Nova Sea investor Vigner Olaisen for Nkr7.4bn ($736.2m today).

The European Commission (EC) only became alert of nan woody successful September, erstwhile nan regulatory assemblage of nan EU invited parties to comment fixed nan operating activities of nan 2 companies.

While Mowi is engaged crossed nan afloat worth concatenation for Norwegian Farmed Atlantic Salmon (NFAS) done feed, farming, income and processing, Nova Sea’s business revolves astir conscionable farming and superior processing, nan EC said.

The EC said coming (20 October) that nan transaction was examined nether nan normal merger reappraisal procedure.

“The Commission concluded that nan notified transaction would not raise title concerns fixed its constricted effect connected title successful nan markets wherever nan companies are active,” it said successful a statement.

Announcing nan EC support successful a connection connected Friday, Mowi said nan transaction still needs to beryllium rubber-stamped by Norway’s title regulator.

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With nan accrued ownership, Mowi and Nova Sea together are expected to harvest 157,000 tonnes of salmon successful bluish Norway successful 2025, contributing to a full harvest volumes of 367,000 tonnes successful Norway and 572,000 tonnes globally, it was revealed successful January.

Mowi said it expected nan integration to make synergies of astir Nkr400m annually, driven by improved capacity utilisation and targeted investments to heighten food health.

It is besides seeking to get nan remaining 5% liking successful Nova Sea from different shareholders to nan tune of Nkr800m.

Mowi besides provided a third-quarter trading update past week, noting unprecedented salmon harvest volumes of 166,000 gutted-weight tonnes (GWT), up from 161,000 successful nan corresponding quarter.

Ahead of nan last figures connected 5 November, Mowi reported an operational EBIT of astir €112m ($130.6m) for nan 3rd quarter, compared to last prints of €173m and €203.1m successful nan aforesaid quarters of nan past 2 years.

For user products, operational EBIT for nan existent 3rd 4th was €66m, which would transcend nan all-time precocious of €43.5m a twelvemonth earlier.

Mowi’s full revenues for nan 3rd 4th of past twelvemonth reached €1.4bn.

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