Marine Harvest raises stake in Cermaq to 5.4 pct

OSLO Fri May 3, 2013 2:58am EDT

OSLO May 3 (Reuters) - Fish farmer Marine Harvest, which is planning a $1.7 billion hostile bid for rival Cermaq has raised its stake in its target to 5.44 percent, it said on Friday.

Marine Harvest bought nearly 700,000 Cermaq shares for 104 crowns each, below its proposed 105 crown offer price to lift its stake to 5.03 million shares.

Cermaq has rejected Marine Harvest's hostile approach offer saying it undervalued the company and came with unacceptable conditions. (Reporting by Balazs Koranyi)

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