AquaChile SA (AQUACHIL), the largest Chilean-owned salmon farmer, will buy a controlling interest in rival Invermar SA (INVERMAR) to take advantage of rising prices for the fish. Invermar’s shares rose 37 percent.
AquaChile will acquire a stake in controlling shareholder Inversiones y Tecnologia Ltda. through negotiations with creditors, and also will subscribe and buy into a planned $30 million capital increase for Invermar, the Puerto Montt, Chile-based company said in a statement.
Invermar has slumped 35 percent in the past 12 months after Chilean authorities ordered the company to harvest fish infected by the so-called ISA virus that ravaged Chile’s salmon industry between 2007 and 2008. Chile trails Norway as the world’s largest farmer of the fish.
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