Saturday, May 30, 2015Saturday, May 30, 2015

China Fishery makes $689 million buyout offer for Peru's 2nd largest fishing firm

Published on Feb 26, 2013 9:25 PM

SINGAPORE-listed China Fishery has unveiled an ambitious US$556 million (S$689 million) cash buyout of Peru's second- largest fishing company.

China Fishery, which has been hit by declining margins and lower catches, said the "transformational" deal to buy Copeinca will turn it into Peru's largest producer of fishmeal and fish oil.

"The acquisition will diversify China Fishery's existing revenue base to balance the proportion of revenue and profit from its contract supply business," it said.

Copeinca is listed in Oslo with a secondary listing in Peru, which is the world's largest producer and exporter of fishmeal and fish oil by volume.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!