Norwegian aquaculture company Royal Salmon (NRS) approved a proposed merger with SalMar and a private placement agreement with NTS, they wrote within a minute of their extraordinary general meeting.
SalMar will be the acquiring company, and the exchange ratio in the negotiated proposal is 0.369 SalMar shares per. share on NRS. The merger has now received the go-ahead from the board, and thus the NRS will be merged into SalMar.
This is in addition to SalMar’s acquisition of NTS.
Criticized by Sissener
Jan Petter Sissener notified the lawsuit against the NTS board, and sought a response from the NRS board. He believes that the minority shareholder in NRS has lost NOK 7-800 million by stopping the NRS-approved purchase of SalmoNor from NTS so that Salmar can buy NTS first before the company merges with the NRS.
CRASS CRITICISM: Jan Petter Sissener criticized the NTS and NRS boards. Photo: Ivan Kverme
Sissener wants Salmonor first, and Salmar has to bid on the entire NRS. NRS board chairman Paal E. Johnsen responded to the allegations from Sissener to Finansavisen.
“There is a fundamental weakness in Sissen’s reasoning. Salmar’s offer at NTS hinges on Salmonor’s unfinished transaction. The solution by merging with Salmar is the best realistic alternative for the NRS and minority NRS,” Johnsen replied.
Jan Petter Sissener has also received an answer from NRS board attorney Filip Truyen at Wikborg Rein, but is not satisfied with the content of the answer.
ANSWER: The chairman of the NRS board, Paal Espen Johnsen, responded to Sissen’s criticism. Photo: Actor
The next largest salmon company in the world
With the overall acquisition, the Gustav Witzøe-dominated company made a huge leap forward, and established itself as the second largest salmon farmer in the world after Fredriksen’s Mowi.
If you look at Kontali’s analysis of the list of the world’s largest breeders last year, SalMar was ranked number four by harvest volume in 2021.
Combined, the combined companies will be ranked number two in the world with a total harvest volume of 281,840 tonnes. That’s well above last year’s number two, Cermaq, which harvested 223,400 tonnes, according to Kontali.
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