Fish farming and salmonid feed producing company Cermaq (OSE: CEQ) confirms reports from Chilean media that it is in discussions with owners of a major local salmon farming firm Cultivos Marinos Chiloé S.A. or CM CHILOE regarding an acquisition. CM CHILOE employs more than 1500 people mostly in Southern Chile and recently postponed its plans for a public listing in Santiago due to low salmon prices.
Chilean industry coming back online after years of problems with infectious salmon anemia (ISA) virus was the major cause for current low prices. CM CHILOE is carrying a lot of debt as a result of the difficult situation. Cermag wants to stress that significant uncertainties remain so the completion of the transaction is by no means certain. Cermaq is already active in Chile as well.
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