Norwegian seafood major Mowi has said its bid for an increased stake in Nova Sea has been approved by the European Commission. Clearance was given on Friday (17 October) for Mowi to raise its interest in its Norway-based salmon farming and processing peer to 95% from 49%, an acquisition announced in January. Mowi is taking the additional shares from Nova Sea investor Vigner Olaisen for Nkr7.4bn ($736.2m today). The European Commission (EC) only became aware of the deal in September, when the regulatory ...

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]