Co-founder and Chairman of the Board at SalMar, Gustav Witzøe indirectly owns 92,50% of Kverva, which, in turn, through Kverva Industrier owns 44.3% of the shares in SalMar.
Photo: SalMar.
Controlled by Gustav Witzøe, SalMar, the world's second-largest salmon farming company, may be planning further expansion, judging by its owner's latest move. Last week, it was revealed that Kverva, the Witzøe family's investment company, has acquired Odin Fondene's stake in the fellow Norwegian salmon farmer Måsøval.
According to information published by the Norwegian media outlet Dagens Næringsliv (DN), Kverva's stake amounts to 10.6 million shares, making it the second-largest shareholder in Måsøval with 8.7% of the shares. Previously, another Norwegian media outlet, Finansavisen, had reported that the sale price was NOK 374 million.
The news comes just a few weeks after, as reported by WeAreAquaculture, Måsøval's majority owner, Heimstø—an investment company owned by the Måsøval family, which currently owns 70% of the company—announced it was undertaking a strategic review of its ownership.
The announcement was made at the same time as the resignation of its CEO, Helge Kvalvik, who had joined Måsøval in 2023. In the note to the stock exchange, the Norwegian salmon company also said that, to ensure a smooth transition, Kvalvik will remain in position until the end of June 2026, while Chairman of the Board Lars Måsøval will be available to step in as interim CEO until a new leader is in place.
SalMar's stake in other salmon farming companies is nothing new, nor is the possibility that such stakes might eventually lead to an acquisition. We recently saw this with Øylaks, acquiring 100% of its shares in January; we saw it exactly a year ago when it took full ownership of Wilsgård; and we had seen it before that, in 2022, when it took control of NTS.
To complete this latest operation, Witzøe had to "beat" another Frøya billionaire, the salmon investor Helge Gåsø, who, with 7.6% of the shares, is precisely the third largest shareholder of Måsøval.
Whether there will be another Witzøe vs. Gåsø showdown this time is something we don't yet know, but what analysts do believe is that Kverva's entry into Måsøval's shareholding is a clear indicator of SalMar's interest in the company.
In the news published by DN, Henrik Longva Knutsen, analyst at Pareto Securities—a leading independent investment bank based in Oslo—explained it this way: "Kverva already has some minority stakes in other companies, but since Måsøval is to be sold, it is hard to interpret this as anything other than SalMar being interested in buying Måsøval."
In Knutsen's view, while many may be interested in the salmon farming company, those with the greatest potential are those that can achieve synergies by being located in the same area, Trøndelag and Møre og Romsdal. Thus, the analyst told DN that while Lerøy, which is also in the same region, is less likely due to pricing, Mowi could also be relevant, although SalMar is "the most obvious buyer" for Måsøval.
Meanwhile, since the potential sale of the company was announced, Måsøval's share price has risen by around 50%. According to Henrik Longva Knutsen, speaking to DN, a takeover is partly priced into the share price. Thus, Pareto Securities' latest target price is NOK 35, with a buy recommendation. The Norwegian investment bank considers the most likely purchase price to be NOK 34–37 per share, although some upside potential remains.
