Pan Fish ups stake in Fjord – Fishupdate.com

Pan Fish ups stake in Fjord Published:  16 March, 2006

PAN Fish bolstered its top position in the world salmon farming industry today by raising its stake in Norwegian rival Fjord Seafood to almost 40 percent, Reuters has reported.

Pan Fish, which last week agreed to buy Dutch-Norwegian rival Marine Harvest for 1.3 billion euros (USD 1.56 billion) to become the world’s biggest salmon farmer, said that it did not plan a takeover of Fjord.

Pan Fish said that it was buying 14.2 percent of Fjord, or 84.0 million shares, to raise its stake to 39.97 percent or 235.7 million shares. Pan Fish paid NOK 7.97 per share.

Any investor owning more than 40 percent of the shares in a company is obliged under Oslo bourse rules to bid for all other shares.

Pan Fish has a market capitalisation of about 9.6 billion crowns, about twice the size of Fjord.

Pan Fish also said that Norway’s Geveran Trading had subscribed for 11.0 million shares of its offering, raising Geveran’s holding in Pan Fish to 945 million shares or 31 percent.

Geveran is controlled by John Fredriksen, Norway’s richest man and owner of the world’s top independent tanker group, Frontline.

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