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Greek bass and bream merger approved

18 February 2019, at 12:19p.m.

The EU has approved the merger of Greece’s three largest aquaculture producers – Andromeda Group, Selonda and Nireus.

The $500 million deal will create the world’s largest bass and bream producer, with the capacity to produce 370 million fry and 75,000 tonnes of the two species a year. With operations in Greece, Italy and Portugal, it will now be administered by Mubadala (Abu Dhabi's sovereign wealth fund) and US-based Amerra Capital.

The European Commission had been concerned that the deal could lead to a rise in prices for both fingerlings and farmed fish. However, the companies have offered to sell off farms that produce 10,000 tonnes of fish per year, as well as hatcheries that have the capacity to produce 50 million fry and the knowledge required to continue the company's breeding programmes.