Sal Mar has acquired a further 0.7 per cent of the shares in Villa Organic, bringing its share of the company to 50.42 per cent.
SalMar has agreed to exercise an option to acquire a further 0.7 per cent of the shares in Villa Organic AS for a total consideration of NOK 2.5 million.
Following this transaction SalMar ASA will control 50.42 per cent of the company's shares. The acquisition of the remaining shares is being undertaken to maximise potential synergies and value creation in the company and for the shareholders.
Completion of the transaction is subject to the approval of the Norwegian competition authorities. Villa Organic AS becomes, from today's date, a subsidiary of the SalMar Group. The business will report as a separate segment with effect from the second quarter 2013.
Villa Organic AS is a fully integrated aquaculture enterprise, with operations along the entire value chain. Its fish farming activities are located in Finnmark. The group has a total of 16 licences for the production of farmed salmon, and expects to harvest 13,000 tonnes in 2013.
to read the full story, please visit The Fish Site.