A unit of the Pacific Andes Resources Development Ltd, the China Fishery Group Ltd, had increased its offer for the purchase of Copeinca ASA. The cost of the purchase of the producer of fishmeal and oil from Peruvian anchovies reached 4.8 billion kroner or US$790 million.
The investment was made through its subsidiary Grand Success Investment, would be offering 68.17 kroner per share according to the statement from Copeinca from its Lima, Peru office. The earlier bid made was at 59.70 kroner per share.
The company had earlier agreed to accept 57% of Copeinca and with the new investment, ownership has expanded to 74.2% of the company.
The bid was China Fishery's way of expanding into the South American country. It is currently the biggest company that exports salmon feed ingredients by volume. This move is a response to the growth of the global aquaculture industry as well as the increase in livestock production.
According to the latest reports, Copeinca shares increased by 16% to 67.5 kroner per unit. This is the share's highest level since Oct.8, 2007.
Join the Conversation