From Iceland — Canadian Firm Set To Buy Icelandic Seafood Company

Canadian Firm Set To Buy Icelandic Seafood Company

Published January 5, 2011

A Canadian company is poised to buy a major Icelandic seafood export company for hundreds of millions, Reuters reports.
High Liner Foods, a frozen seafood processor based in Nova Scotia, made an unsolicited offer of 170 million euros to buy Icelandic Group, a company that exports seafood to Europe and North America. High Liner Foods also sweetened the deal by saying they would also take on 170 million euros of debt.
The matter is far from cut and dry, though, as Icelandic Group is currently in negotiations with a European private firm, and will not even look at any other offers until after 8 January.
High Liner is hoping that the costly purchase will be recouped by expanding the company’s already large share of the global seafood export market. Last month, it announced plans to buy out Massachusetts-based Viking Seafoods Inc for $31.5 million. The announcement sent their stock, which is at $16.54 (Canadian) per share, up by more than seven percent.

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