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Article Excerpt
Stolt-Nielsen S.A. (Nasdaq: SNSA; Oslo Stock Exchange: SNI) and the Dutch company Nutreco Holding N.V. announced today the signing of a Memorandum of Understanding to merge their worldwide fish farming, processing and marketing-sales operations into a stand-alone, independently financed new business entity. It is the intention that after the merger Nutreco will hold a 75% stake and Stolt-Nielsen 25% in the world's largest aquaculture company. The new company will be named Marine Harvest.
Following the merger the company will be well capitalized and have a strong balance sheet enabling Marine Harvest to have its own independent financing. After finalizing the integration process, Marine Harvest intends to pursue an Initial Public Offering (IPO) at the appropriate time.
The new Marine Harvest will incorporate annual sales of approximately EUR 1 billion in salmon, salmon trout and other farmed fish and will possess a high quality product portfolio including species such as cod, halibut, sturgeon, tilapia, barramundi and yellowtail. It is expected that this segment of species other than salmon will grow to 10% of sales in 2007. Marine Harvest will employ over 6,000 employees.
Marine Harvest will be headed by Mr. Hans den Bieman, currently chief operating officer of Nutreco Aquaculture. He and his staff will be based in the Netherlands.
The transaction will be subject among other things to the approval of an Extraordinary General Meeting of Shareholders of Nutreco Holding N.V., normal due diligence, applicable regulatory and competition authorities'...
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