OSLO – Marine Harvest, the world's biggest fish farmer, said it would buy rival Cermaq in a deal worth $1.69 billion if it abandoned plans to buy Peruvian fishmeal firm Copeinca.
Marine Harvest, controlled by shipping tycoon John Fredriksen, said it would pay 105 crowns ($18.24) per Cermaq share, 22 percent above its close on Tuesday, but only if Cermaq dropped its offer, which values the Peruvian firm at about $732 million.
Norway's fishing firms have enjoyed a boom this year as soaring product prices and strong consumer demand have driven up profits and stock prices. Marine Harvest's shares have more than doubled over the past 12 months.
On Tuesday the company lifted its guidance for return on capital employed and said it would list its shares in the United States.
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