SalMar needs more time for the merger with NRS

Aslak Berge

Convening an extraordinary general meeting.

The process of obtaining the necessary approvals for the merger from the relevant authorities has taken longer than expected when the merger plan was entered into. 

The boards of SalMar and Norway Royal Salmon (NRS) consider it necessary to call extraordinary general meetings in order to extend the deadline for fulfilling the conditions in point 8 of the merger plan. The board of SalMar has, therefore, decided to convene an extraordinary general meeting of SalMar which will take place on 27 October.

Kverva Industrier and LIN, which together own around 52 percent of the shares and voting rights in SalMar, have made declarations that they will vote for the proposed resolutions at the extraordinary general meeting.

Also read:  SalMar’s stock market value has been halved in a short time

The offer is subject to the implementation conditions in the offer document, and the merger is subject to the terms set out in the merger plan.

Exclusively with regard to the offer, if reinstatement condition no. 6 “Regulatory approvals” are not met by 31 October 2022, but all other implementation conditions are met, the tenderer must waive implementation condition no. 6 “Regulatory approvals”, SalMar wrote in a stock exchange announcement on Thursday morning.

SalMar has received acceptances from 52.69 percent of the shares in NTS. The Norwegian fish farmer currently owns no shares in NTS.

“The merger is conditional on receiving further approvals from the competition authorities, including the European Commission, and other conditions as specified in the merger plan,” NRS reported, which is calling for an extraordinary general meeting on 28 October.

NTS, which owns 68.14 percent of the shares in NRS, has undertaken to vote for the proposed resolutions on the agenda.


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