China Fishery nets deal with big shareholders of Peruvian takeover target

CHINA Fishery Group has bolstered its takeover bid for Peruvian firm Copeinca by striking a deal with the company's second biggest shareholder.

Ocean Harvest has agreed to sell a 9.9 per cent stake in Copeinca to China Fishery for US$54.8 million (S$67.9 million). It has also pre-accepted a cash offer for a further 4 per cent.

Singapore-listed China Fishery said in a statement on Wednesday the Ocean Harvest deal was a "further strong endorsement" of the cash takeover offer.

China Fishery also has binding commitments of about 29 per cent of Copeinca shares and indicative positive support of 2.6 per cent.