Fish farm merger approved

Brussels gives the green light for merger of Nutreco’s Marine Harvest and Stolt Sea Farm
April 13, 2005

EU Competition authorities in Brussels have granted approval to the proposed merger of fish farming, processing and marketing and sales operations of Nutreco Holding N.V. and Stolt-Nielsen S.A. The Memorandum of Understanding between the two companies was announced in September 2004. Official closing of the transaction is expected in due time.

The new, independent company Marine Harvest will employ over 6,000 people worldwide and will be headed by CEO Hans den Bieman. The head office will be in Amersfoort, the Netherlands. Nutreco will take a 75% share in Marine Harvest and Stolt-Nielsen a 25% share. Marine Harvest will incorporate annual sales of approximately EUR 850 million in salmon, cod, halibut, tilapia and other farmed fish.

The establishment of a stand-alone, independently financed Marine Harvest is fully in line with Nutreco’s previously announced strategy ‘Rebalancing for Growth’.

"This strategy puts a clear focus on the growth of Nutreco’s animal nutrition and fish feed business and the reduction of financial exposure to the earnings volatility of its food business", a company press release said.