Two companies with features in common, such as being from a family-owned business and with a vertical integration strategy that put them one step closer every day. This is the reality that affords the Canadian company Cooke and the Spanish business Nueva Pescanova, which negotiations are gleaned by the Spanish newspaper Faro De Vigo.
The agreement would be carried out for mutual interest. On one hand, Nueva Pescanova is looking for a stable and bigger industrial partner for being more profitable. On the other hand, Cooke wants to increase its processing capacity on European territory for increasing their offer and markets. The result of the alliance would create one of the 10 largest fishing groups in the world.
In this sense, the reports from the familiar sources according to the Faro de Vigo said "talks are progressing well". Moreover, there is nothing to suggest otherwise based on the latest movements of both companies.
A month ago Nueva Pescanova Group was reborn, by the fact that the Abanca (Spanish Bank) took a 97% stake in the Spanish aquaculture group as it capitalizes €542 million debt. Since then, their main objective has been to seek an industrial partner, as part of a plan that they have called "course to value" that will run until 2025.
Similar to the giant Cooke which in recent months has been making several financial moves. They included the Belgian shrimp processor Morubel from the investment company Bencis in August and the acquisition of the Australian salmon farming company Tassal in November.
They could become a model in the global industry if everything advances in the agreement between both companies.
Cooke Aquaculture is a family-owned and managed company that has operated a sustainable aquaculture business in Atlantic Canada for over 35 years.
The Cooke family of companies has diversified operations in Europe, including Cooke Aquaculture Scotland, Northeast Nutrition Scotland, Cooke Aquaculture Spain /Grupo Culmarex, and Bioriginal Europe/Asia in The Netherlands.
Is a Spanish multinational leader in the seafood market sector and also is one of the few companies present in the entire value chain: fish, grow, process and market more than 70 species of fish and seafood in 80 countries around the world.