Blumar calls off sale

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Controlling shareholders did not reach agreement with investment bank for sale of shares.

La Tercera reports that the Chilean salmon farmer Blumar has communicated in a financial statement that it’s not selling 79% stake in the company.

In April, SalmonBusiness reported that Blumar – which owns Salmones Blumar and Salmones Ice-Val – informed the decision of the Las Urbinas Group (linked to the Santa Cruz and Yaconi families) not to renew the shareholders’ agreement that it holds with Inversiones Petrohué (linked to the Sarquis family), through which they jointly control 78.81% of the company.

The Santa Cruz – Yaconi group had intended to sell its assets and withdraw from the fishing & aquaculture sector altogether.

However, now it appears that the controlling shareholders have now terminated the sale process.

In the statement, Blumar wrote they “did not agree on the terms of the assignment to be entrusted to the Investment Bank that would lead the sale process ”.