Blumar explains merger results

News
1659

Circumstances surrounding the merger of Blumar business Pesca Fina and a wild-fish company will not influence the parent company’s financial results, reports Aqua.

Chilean aquaculture company Blumar in mid-October had reported the merger of its subsidiary Pesca Fina and Congelados Pacífico. The companies were to consolidate their fishing operations into a new entity to cut costs.

Merger dealings on or around December 1st produced these results: Pacificblu acquired all of Fiska Fina; Blumar now owns 55 percent of Pacificblu, and Pacificblue’s previous owners retain 45 percent of the new entity.

 

Since PacificBlu has operated in joint venture with Blumar since 2014, the benefits of integration are said to already have been reflected in the company’s financial results.

“Therefore, this merger should not produce new relevant effects in results,” Blumars General Manager Gerardo Balbontín was reported as saying.