Competition watchdogs say yes to deal to create Chile's biggest salmon farmer

The free competition authorities in Chile and the United States have left the way open for food group Agrosuper to launch a bid for up to 100% of salmon farmer AquaChile.

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The purchase was approved without conditions by the competition authority of Chile (National Economic Prosecutor’s Office) and the United States which, according to Agrosuper, allows it to launch a public offer for the acquisition of shares (OPA) for 100% of the salmon farmer’s assets.

This acquisition, according to the company, “reinforces the vocation of Agrosuper to produce food of the highest quality and freshness for customers and consumers in Chile and the world, hand in hand with a responsible production with the environment and close to the neighbouring communities”.

The agreement reached in August with the controlling families of AquaChile contemplates the purchase of 67% of the shares of the company through a takeover bid to acquire up to 100% of the shares, a deal that could be worth US$850 million.

The takeover will make Agrosuper the biggest salmon farmer in Chile, with an annual production volume of 230,000 tonnes - nearly 30% of the Chilean industry’s ouput and greater than the entire output of Scotland and Ireland combined.