Mitsubishi Corporation will be taking over Norway-based international fish farming business Cermaq after all conditions for its US$1.4 billion tender offer announced on September 22nd have been met. Cermaq announced that Mitsubishi will be paying shareholders within the next two weeks with the Norwegian state receiving the largest payout of US$794 million for its 59.17% stake. The deal was conditional upon receiving approval from competition authorities in Japan, Canada, France, and Poland and receiving approval from shareholders holding more than 90% of Cermaq’s shares – both of which have been met. Upon payment, Mitsubishi Corp. will move to acquire all Cermaq shares it does not already own in order to de-list the company from the Oslo Stock Exchange.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service