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BAKKAo - P/F Bakkafrost News Story

NOK731.2 0.0  0.0%

Last Trade - 07/05/21

Consumer Defensives
Large Cap
Market Cap £3.68bn
Enterprise Value £3.93bn
Revenue £537.4m
Position in Universe 163rd / 1835

Salmon farmer Salmar to sell Bakkafrost stake

Wed 11th December, 2013 5:31pm
OSLO, Dec 11 (Reuters) - Norwegian salmon farmer Salmar SALM.OL  plans to sell its entire 14.9 percent stake in Bakkafrost  BAKKA.OL , the largest salmon producer in the Faroe Islands, taking advantage of the stock's recent rally, it said on Wednesday. Salmar said it would sell its 7.26 million shares, worth $109 million at the stock's closing price on Wednesday, completely exiting the company after already selling 7.27 million shares in a similar auction in May.  Record high salmon prices have triggered a wave of corporate activity across the industry in Norway, the world's biggest farmed fish producer, and analysts expect more deals. Marine Harvest  MHG.OL , the world's biggest salmon farmer bought a quarter of rival Grieg Seafood  GSFO.OL  in October and tried but failed to take over rival Cermaq  CEQ.OL  earlier this year. Bakkafrost shares have risen 57 percent in the past 12 months, benefiting from soaring salmon prices as demand for the fish rises and supplies remains tight. Norwegian farmed salmon prices high a record 50 crowns per kilo this week on strong pre-Christmas sales and stormy weather conditions, which cut supplies. Bakkafrost itself will buy 500,000 of the shares on offer, it said. Brokerages Carnegie AS and Pareto Securities AS as the offer's bookrunners. (Reporting by Balazs Koranyi; Editing by Louise Heavens) ((Balazs.Koranyi@thomsonreuters.com)(+47 9086 4894)(Reuters Messaging: balazs.koranyi.thomsonreuters.com@reuters.net)) Keywords: SALMAR SHARESALE/BAKKAFROST
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