Mowi’s additional stake in Nova Sea attracts EU scrutiny

Group 1 - Mowi's acquisition of a majority share in Nova Sea is under scrutiny by the European Commission, with the company aiming to increase its stake to 95% [1][2] - The European Commission is inviting comments from interested parties regarding the transaction, which could fall under the Merger Regulation [2] - Mowi plans to acquire Vigner Olaisen's 46% stake in Nova Sea for Nkr7.4 billion ($748 million), with 30% of the payment in Mowi shares and 70% in cash, valuing Nova Sea at Nkr16 billion [3][4] Group 2 - Mowi's business activities encompass the full value chain for Norwegian Farmed Atlantic Salmon, while Nova Sea is focused on farming and primary processing [4] - Mowi intends to extend a voluntary cash offer of Nkr800 million to shareholders owning the remaining 5% of Nova Sea [4] - Nova Sea is projected to harvest 52,000 tonnes of salmon in 2025, and combined with Mowi, they are expected to harvest 157,000 tonnes in northern Norway, contributing to a total of 367,000 tonnes in Norway and 572,000 tonnes globally [6] Group 3 - Mowi anticipates annual synergies of approximately Nkr400 million from the integration, driven by improved capacity utilization and targeted investments to enhance fish health [6] - Mowi CEO Ivan Vindheim highlighted Nova Sea's strong biological performance and industry-leading margins, emphasizing the significance of the acquisition after 30 years of collaboration [5] - Aino Olaisen, the chairman of Nova Sea's board, is proposed to join Mowi's board following the acquisition [5]