Nueva Pescanova’s share price rises 57 per cent after Abanca’s interest in 93 % ownership

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Spanish bank Abanca wants to control most of the capital of Nueva Pescanova before launching the company’s new strategic plan.

Shares in the Spanish fishing company and processor Pescanova have soared from EUR 0.35 to EUR 0.55 (rising 57 per cent) since Friday’s news that Abanca is now seeking full control of the company.

La Voz de Galicia reports that the bank’s offer on the table is a EUR 200 million buy-out offer for the 52 per cent of shares placed on the market by Sabadell (24.5 per cent), Caixabank (15.3 per cent), Bank of America (9 per cent) and the Brookfield investment fund (4 per cent).

Abanca wants the deal done before Nueva Pescanova launched its new strategic plan at a shareholders meeting later on this year.

The company – which turned over a billion euros in 2018 – processes salmon (and wild catch fish) but does not own any salmon farms, but it does run Vannamei shrimp, turbot and tilapia aquaculture operations. Last year, it launched a children’s salmon range for its 20-year-old Peskitos brand.

However, it’s been reported that the multimillion offer – as in Cinco Dias – is due to be rejected in the hope of a better offer.