Fishing conglomerate Oceana made a surprise announcement on Tuesday that its CEO Francois Kuttel would acquire a key offshore operation. Kuttel, who will resign as CEO of Oceana, will now become the largest shareholder in a fishing business that provides a key service to the group’s biggest offshore subsidiary. Oceana, which has food conglomerate Tiger Brands as an anchor shareholder, is under cautionary. No financial details of the proposed deal have been disclosed yet. The development dates back to mid-2015 when Oceana acquired 100% of Louisiana-based fish meal and fish oil specialist Daybrook Fisheries as well as an indirect 25% stake in Westbank Fishing. Westbank operates the fishing vessels that supply fish to Daybrook’s processing plant. Oceana could not garner a larger stake in Westbank because the American Fisheries Act stipulates that qualifying fishing vessels in the US must be owned and controlled by American citizens. This meant the remaining 75% stake in Westbank was re...
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