Spanish subsidiary stake in its UK Fisheries Limited buy Aker Seafoods’: THE Norwegian fishing company, Aker Seafoods has sold all its shares of the Spanish harvesting company Pesquera Ancora to UK Fisheries LimitedPesquara Ancora owns cod quotas in the Barents sea and off the coast of Canada. In 2010 this allowed harvesting of approx 3,300 tonnes of fish. The company harvests the fish with its own trawlers, and employs a total of 52 people.
The transaction valued the company at €18.5 million plus working capital at the time of settlement, and the purchase price was paid in cash. Aker Seafoods paid €11.5 million for their 60% stake in 2007.
Thomas Farstad, CEO of Aker Seafoods ASA commented: “In our opinion, there were not significant synergies between Pesquera Ancora and the rest of the Aker Seafoods group, and the strategic rationale for ownership of Pesquera Ancora was not present. We consider that cash released from the sale increases flexibility to develop Aker Seafoods’ core business. The sale price is satisfactory and demonstrates that quotas to harvest white fish has significant value.”
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