February 14, 2019 / 6:14 AM / 6 months ago

Fish farmer Salmar plans $171 million bid for Iceland's Arnarlax

OSLO (Reuters) - Oslo-listed fish farmer Salmar (SALM.OL) has raised its stake in Iceland’s largest salmon producer, Arnarlax, to 54.2 percent from about 42 percent and plans to bid for the rest of the company, the Norwegian company said on Thursday.

The bid of 55.5 Norwegian crowns per share values unlisted Arnarlax at around 1.48 billion Norwegian crowns ($171.34 million), according to a Reuters calculation.

“The chairman of the board of Arnarlax AS, Kjartan Olafsson, has confirmed that he wishes to continue as an owner in Arnarlax AS and will as such not sell shares in response to the offer,” Salmar said. It did not disclose the size of Olafsson’s stake.

Salmar also reported fourth-quarter operating earnings in line with forecasts and set a higher-than-expected full-year 2018 dividend.

Reporting by Terje Solsvik, editing by Gwladys Fouche

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