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Aker BioMarine set to merge with seafoods branch after AXA pullout

09-Oct-2012

Aker BioMarine set to merge

Norwegian krill specialist Aker BioMarine is set to merge with Aker Seafoods Holding after winning board approval, a move prompted by the intended divestment of a major investor.

Aker said the move to merge the two subsidiaries came about after AXA signaled its intent to dispose of its Aker BioMarine (AKBM) shareholding.   

“…it has been difficult to attract significant institutional shareholders to AKBM,” Aker said.

“The AKBM share is largely illiquid as a result of a concentrated share ownership, whilst the company continues to carry the full cost of being listed on the Oslo Stock Exchange.”

“As a result of the proposed merger, AKBM‘s operations will become more cost-effective, and at the same time the minority shareholders will be able to participate indirectly in the company‘s value creation through a more liquid ownership share in Aker.”

Aker said the merger will see the parent take more responsibility over AKBM’s industrial and financial affairs.

The board of AKBM will hold an extraordinary meeting tomorrow to finalise the merger and Aker Seafoods Holding must do the same.

“If the merger is approved by both general meetings, a two months creditor notification period will commence on the date of registration of the shareholder resolutions in the Norwegian Register of Business Enterprises,” Aker said in predicting the merger could be complete by January, 2013.

Aker Seafoods Holding owns 86.13% of AKBM.

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