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Facilities of a salmon farming centre of Cultivos Marinos Chiloé. (Photo: Cultivos Marinos Chiloe)

Cultivos Marinos Chiloé and Cermaq renegotiating

CHILE
Tuesday, September 18, 2012, 01:50 (GMT + 9)

Cultivos Marinos Chiloé reactivated talks to sell the company to the Norwegian company Cermaq ASA, owner of Mainstream Chile.

A few weeks ago, the Chilean aquaculture firm confirmed Superintendencia de Valores y Seguros (SVS) through an essential fact that negotiations with Cermaq ASA to sell the company had not been successful.

Despite the reactivation of the negotiations, Cultivos Marinos Chiloé clarified that the offer of a fund is not ruled out, which it would propose to enter through an increase in capital of USD 40 million for 49 per cent of the ownership.

According to the Chilean company sources, the new operation would be for the sale of part of the property and it would be a better deal than those initially considered by both firms.

The discussions focused on the percentage that Cermaq could buy and at what price, Diario Financiero reported.

Cultivos Marinos Chiloé plans to use the proceeds from this transaction only as working capital due to the high demand the industry has as a result of low salmon prices in the international market.

In addition, the proceeds will be used to pay the maturing loans that will eventually follow.

The debts of the firm with various financial entities amount to a figure between USD 110 million and USD 120 million.

Related articles:

- Cultivos Marinos Chiloé plans 49 pc sale to investment fund
- Aquaculture company confirms failed sale to Cermaq

By Analia Murias
editorial@fis.com
www.fis.com

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