SANTIAGO – Salmon producer AquaChile said on Tuesday it was unable to reach an agreement with Norway’s Marine Harvest to merge its operations with that company’s Chilean unit.
The deal was subject to completion of a “satisfactory” cost-benefit analysis by each party and regulatory approval, AquaChile said in a filing with securities regulators.
“The two parties have not reached a final agreement and, as a result, the memorandum of understanding has been terminated by mutual consent,” AquaChile said.
Under the terms of the agreement signed on Jan. 19, Marine Harvest was to end up with a 42.8 percent stake in AquaChile and would have the option of taking a controlling interest of 55 percent between June 2016 and June 2017 via a share offering.
The combined company would have had a nearly 20 percent share of the salmon market in Chile.