Invermar and Surmar merge operations

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Chilean companies consolidate.

The salmon company Invermar has agreed to start a merger process with Surmar after a sharesholder meeting.

Invermar appointed Credicorp Capital to prepare an indepandant evaluation and inform its shareholders about the conditions of the operation and its potential impact.

The move is part of a restructuring by their joint parent company.

The Izquierdo family are controlling shareholders of both companies (taking a majority stake in Invermar in 2015) through fish oil producer Alimentos Marinos (Alimar).

The economic value of Invermar’s assets is between USD 309 million and USD 336.8 million. The economic value of Surmar’s assets is inbetween USD 193.7 million and USD 222.2 million.

All of Surmar assests will be aborbed into Invermar. That includes Pesquera La Portada (a 432 thousand tonne-a-year fish feed/oil plant), La Península (a fleet of seven wellboats each, with a capacity 859 tonnes per trip) and the Astilleros Calbuco shipyard.