Canadian Fish Sales Giant Covets Icelandic Group Skip to content

Canadian Fish Sales Giant Covets Icelandic Group

Representatives of Canadian fish sales giant High Liner Foods are interested in acquiring Icelandic seafood company Icelandic Group, its main competitor, which is owned by the investment fund Framtakssjódur Íslands. It was founded by 16 Icelandic pension funds.

cod_ipa

Icelandic cod. Copyright: Icelandic Photo Agency.

According to Fréttabladid’s sources, the representatives of High Liner Foods have repeatedly sent enquiries to the fund regarding their interest in Icelandic Group and a letter received yesterday states that they are willing to pay ISK 52 billion (USD, 450 million, EUR 340 million) for the company.

However, Framtakssjódur Íslands is not interested in an offer to Icelandic Group from High Liner Foods—something which the representatives of High Liner Foods are dissatisfied with—and talks with the Danish investment fund Triton on the acquisition of part of the company are well underway.

Finnbogi Jónsson, managing director of Framtakssjódur Íslands, said there are no plans to sell the majority of the Iceland-owned share of Icelandic Group, which includes the company’s sales system.

However, it is possible that the majority of shares in the company’s factories abroad will be sold, he added. Icelandic Group processes and sells seafood products to stores in North America and Mexico.

“Many people have contacted us after the company went into our ownership and each have their own ideas. We decided to launch talks with one party. Time will tell what the conclusion will be,” Jónsson said, explaining that while talks with Triton are ongoing, talks with other interested buyers will not take place.

The largest part of Icelandic Group went into the ownership of Framtakssjódur Íslands when the fund bought the holding company Vestia from Landsbanki in August 2010.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!

Share article

Facebook
Twitter