The gloves are off in Marine Harvest's hostile takeover of salmon farming rival Cermaq. The two grizzled heavyweights of the salmon farming world are eyeing each other up like a pair of old-fashioned bare-knuckled prize fighters.
In one corner is Cermaq's CEO Jon Hindar who is facing an uphill battle to retain control of Norway's state-owned salmon giant.
In the other corner is Norway's richest man John Fredriksen who goes by the nickname 'Storeulv' (Big Wolf) – the name of Fredriksen's unauthorized biography. Fredriksen is seeking to snatch Cermaq away from the clutches of the Norwegian Government's Ministry of Trade & Industry – the largest shareholders in Cermaq. With Fredriksen's powerful team flexing their muscles, Cermaq could end up on the canvass even before the crucial vote for shareholders on 21 May.
Forbes famously described Fredriksen as "a murky character notorious for rowdy drinking binges and
playing rough with takeover targets".
Fredriksen is the 87th richest man in the world
world worth $11.5 billion according to the Forbes Rich List – he's used to winning takeover fights.
Cermaq's CEO suffered a bloody nose when their second largest shareholder said it would vote against the company's proposed acquisition of Peruvian feed giant Copeinca. Intrafish reported (13 May):
Who will be the last man standing?
The final round is expected to play out at Cermaq's AGM in Oslo, Norway, on 21 May – details online here
Undercurrent News reported yesterday (13 May):
Reuters reported (13 May):
Read more via "Cermaq cool on $521 mln synergies share-out with Marine Harvest"
Follow the mega-merger via Undercurrent News online here
Intrafish reported earlier today on Cermaq's "PR offensive" (14 May):
The Norwegian Government is now changing the rules to accommodate the new salmon farming giant. Fisheries Information Service reported (14 May):
Read more on the mega-merger via:
- Round 5: Final Battle of the Salmon Giants?
- Round 4: Cermaq Drops Guard on Marine Harvest Merger
- Round 3: Marine Harvest's Open Letter to Cermaq Shareholders
- Round 2: Marine Harvest's Counter-Punch for Cermaq?
- Clash of the Titans: Cermaq Vs Marine Harvest
- Mmm Mega-Marine Harvest: Super-Liced Salmon!
- Salmon Giant Eats Salmon Giant – Marine Harvest takeover of Cermaq!