Marine Harvest Takes a Bite Out of Aker Seafood

The Fish Site
by The Fish Site
15 January 2009, at 12:00am

GLOBE - Marine Harvest has fulfilled its obligation to purchase a large stake in Aker Seafood.

As a consequence Marine Harvest will resume formal ownership of 5,800,531 shares in Aker Seafoods. The shares will be acquired in accordance with the terms of the forward contract at NOK 48.34 per share.

Following the transaction Marine Harvest holds 5,800,531 shares in Aker Seafoods, equating to approximately 11.9% of the outstanding shares.

In the accounts of Marine Harvest, the forward contract has been valued in accordance with mark to market principles, and the transaction will consequently be neutral from a P&L point of view in Q1 2009.

Marine Harvest says that the transaction will not impact net interest bearing debt. The shares in Aker Seafoods will be reported as a financial investment going forward.