Major Australian aquaculture merger set to proceed

The deal, which should be completed by July, is thought to be worth around AUS $28 million (£13.4m).

Yumbah also Australian owned, but is an unlisted public company, operating a vertically integrated investment grade shellfish aquaculture portfolio with operations in South Australia, Victoria, Tasmania and New South Wales.

Clean Seas (also known as CSS) has a secondary listing on the Oslo Stock Exchange and an announcement said it has entered into a scheme implementation deed with Yumbah under which Yumbah has agreed to acquire 100% of the shares in CSS by way of a scheme of arrangement.

Under the terms of the scheme, CSS shareholders will have the option to receive $0.14 cash per share or an unlisted scrip alternative in Yumbah.

Clean Seas is a global leader in full cycle breeding, farming, processing and marketing of its hiramasa or yellowtail kingfish and is renowned amongst leading chefs and restaurants around the world for its exceptional quality.

It is also recognised for innovation in its sustainable yellowtail kingfish farming and has become the largest producer of aquaculture yellowtail kingfish outside Japan.

Yumbah runs a vertically integrated investment grade shellfish aquaculture portfolio with operations in South Australia, Victoria, Tasmania and New South Wales.

The company delivers premium produce from spat through to harvested products, supplying farmers, wholesalers and retailers with sustainably farmed shellfish.

Yumbah is also one of the largest producers of abalone in Australia, specialising in onshore production of this prized shellfish. In addition, the Yumbah group produces oysters, mussels, aquafeed and oyster spat.