Friday, May 20

Believe in the bidding war for NTS

Analyst Carl-Emil Kjølås Johannessen in Pareto believes other suitors can come on the field in the battle for the fish farming company NTS.

LOOKS APPETIZING SALMON SHARES IN GAME: Pareto analyst Carl-Emil Kjølås Johannessen.


– I definitely think there will be more stakeholders. There may be direct bids for the entire company, or in one form or another for subsidiaries.

This is what analyst Carl-Emil Kjølås Johannessen in Pareto says to E24.

On Monday, the salmon giant Mowi announced that it will place a bid of NOK 110 per share on NTS, in the latest development in the battle for the fish farming group.

This corresponds to a price of NOK 13.8 billion for the entire NTS.

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Johannessen thinks several salmon giants may be interested.

– The most obvious is Salmar, who is both interested in the Norwegian fish farming business, but also in the business in Iceland. But Cermaq and Lerøy may also be relevant. In addition, there may be bids from external parties, but it is difficult to have an overview of.

– I do not think the last word has been said in this case, he says.

– What do you think about the price Mowi has offered?

– The price is starting to get relatively high, but it is still a fairly attractive purchase for Mowi.

– The market is speculating in a higher bid

– There are some big players who are probably sitting and counting on it. It is clear that the market is speculating in a higher bid here, says manager Leif Eriksrød in Alfred Berg to E24.

On the Oslo Stock Exchange, the NTS share rose by 12 per cent to NOK 122.5 on Monday, significantly above the bid price of NOK 110.

Alfred Berg’s fund is listed with an ownership share of 2.8 percent in NTS, according to shareholder lists.

Eriksrød believes “it is reasonable to assume” that the big salmon giants Salmar and Cermaq are also counting on possible bids.

– There are a few players who will be able to identify significant synergies with NTS. It is natural that they take the time to calculate the case, he says.

Eriksrød will not comment on what he thinks about the offer of NOK 110 per share that Mowi has announced.

– On a general basis, we are a mutual fund that will look after the interests of our unit holders. We are a rational investor.

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Mowi CEO Ivan Vindheim said on Monday that the company has been invited by “a majority” of shareholders to make an offer.

The invitation has come from “among other things” the shareholder group in NTS which has tried to bring about changes in the company, according to Vindheim.

Eriksrød will not comment on whether Alfred Berg has participated in the invitation.

– We do not comment on such things. We note that the stock exchange announcement has arrived. As I said before, we have not taken any side in that case.

NTS i spill

The bid warning comes after a dramatic week in NTS. A group of shareholders tried to throw the largest individual owner in NTS, Helge Gåsø, out of the board without success.

The attempt failed before the weekend at a dramatic extraordinary general meeting in Rørvik on Friday.

But this weekend, there have again been demands for a general meeting to elect a new board.

The claim is made by the companies Nils Williksen AS, Terboli AS and Rodo Invest AS, companies owned by the farming families Williksen, Bondø and Dolmen.

They have been key participants in the rebel group.

E24 wrote on Friday that the rebels consider the decision made at the general meeting “invalid”.

The group has previously also announced a voluntary bid for NTS, but has also opened up for a sale of its shares.

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