Nutreco Shareholders Approve Merger with Stolt-Nielsen

JV creates world's largest aquaculture company
December 22, 2004

Stolt-Nielsen S.A. and the Dutch company Nutreco Holding N.V. announced today that the shareholders of Nutreco voted in favor of the previously announced plans to merge the fish-farming operations of the two companies. The Nutreco shareholders approved the transfer of the relevant operations of Nutreco Aquaculture into Marine Harvest, the joint venture unveiled by the two companies in September of this year.
As previously announced, Marine Harvest will be the world's largest aquaculture company following the merger, with Nutreco holding a 75% stake and Stolt-Nielsen 25%. The transaction is still subject among other things to the approval of applicable regulatory and competition authorities, and certain lenders of both companies as well as advice from works councils.

Stolt Sea Farm currently employs 2,500 people and has farming operations in Norway, Scotland, Spain, Chile, Canada and Australia. Stolt-Nielsen S.A. will retain its turbot and bluefin tuna operations. Nutreco's current Marine Harvest organization with its headquarters in Amersfoort, the Netherlands, employs about 4,200 people worldwide and has production operations in Norway, Chile, Scotland, Ireland, Canada, Japan and Australia.

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