Nutreco shareholders vote in favour of Marine Harvest joint venture

Nutreco shareholders voted today in favour of the joint venture of the company’s worldwide fish farming, processing, and marketing & sales activities with fish farming activities of Stolt-Nielsen S.A. into Marine Harvest.

Nutreco shareholders voted today in favour of the joint venture of the company’s worldwide fish farming, processing, and marketing & sales activities with fish farming activities of Stolt-Nielsen S.A. into Marine Harvest. The new company will be owned as to 75% by Nutreco and as to 25% by Stolt-Nielsen S.A.

Closing remains subject amongst other to the applicable regulatory and competition authorities’ requirements. As announced on 6 December 2004, both parties signed the agreement for the joint venture after the finalisation of the due diligence process.
Nutreco’s CEO Wout Dekker explained at the Extraordinary General Meeting of Shareholders in Amsterdam how the transaction fits in the earlier announced Nutreco strategy ‘Rebalancing for Growth’. This new strategy puts clear focus on the growth of the animal nutrition and fish feed business and the reduction of earnings volatility in Nutreco’s food businesses.

After closing of the transaction Mr Svein Rennemo will act as Chairman of the Supervisory Board of the new Marine Harvest and Mr Hans den Bieman as CEO of the Management
Board. Mr Rennemo will step down from his current positions as member of the Supervisory Board and of the Audit Committee of Nutreco upon closing and Mr Den Bieman will at that moment relinquish his position of member of the Executive Board and COO Aquaculture of Nutreco.

The transaction is expected to be closed in the first half of 2005.

Associated companies: