The Norwegian State is prepared to sell its shares in Cermaq ASA

The Ministry of Trade, Industry and Fisheries is prepared to sell the State’s shares in the fish-farming company Cermaq under terms and conditions outlined in today’s notices from Cermaq and Mitsubishi Corporation. However, the Ministry may sell the shares to any other party, if such party should present a more attractive offer than Mitsubishi.

- I am pleased that Cermaq ASA attracts interest from a prime international industrial corporation, confirming the global visibility, reach and recognition of the Norwegian fish farming industry, says Ms. Monica Mæland, Minister of Trade and Industry.

The Ministry of Trade, Industry and Fisheries, representing the Norwegian state as shareholder in Cermaq ASA, refers to the announcements from Mitsubishi Corporation and Cermaq today that Mitsubishi Corporation, through its subsidiary MC Ocean Holdings Limited, will launch a voluntary offer for all of the shares in Cermaq ASA at a price of NOK 96 per share with an offer period of minimum four weeks. The Ministry also refers to today’s statement made by the Board of Directors of Cermaq ASA recommending the offer. The state holds 54,731,604 shares in Cermaq ASA, corresponding to 59.17 % of the issued share capital.

The Ministry will respond to the offer terms within the offer period. However, based on an assessment of available opportunities for Cermaq ASA and the Board of Directors' recommendation, the Ministry has indicated to Mitsubishi Corporation that it under prevailing market terms is prepared to pursue a sale of the state’s shares in Cermaq to Mitsubishi Corporation on the terms outlined in today's announcement.

The Ministry points out that the Norwegian State may at any time before the end of the offer period decide to sell its shares in Cermaq ASA to another purchaser or offeror if an offer is made for the shares in Cermaq that the Ministry in its sole discretion finds more attractive than the offer from Mitsubishi Corporation and that it believes provides increased value to shareholders.

Carnegie AS has been the Ministry’s financial advisor in connection with the Offer.

 

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