Chile's largest salmon producer AquaChile said on 12/22 it was no longer pursuing a controlling stake in Invermar, prompting the smaller rival's shares to plunge.
AquaChile, which had said in October it would seek to strike a deal with Invermar's creditors to gain a controlling stake and that it would pursue a capital increase of $30 million for the purchase, provided no reason for negotiations coming to a halt.
"With the deadline established in the agreement for carrying out the analysis process and the necessary negotiations to finalize the potential operation having expired, the parties did not extend the agreement, which is why it was terminated," AquaChile said in a filing with securities regulator SVS.
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