VIKING ACQUISITION
Tribunal sets conditions for Sea Harvest’s acquisition of Viking
The Competition Tribunal says it has attached conditions to Sea Harvest’s acquisition of Viking Fishing Holdings to prevent the sharing of sensitive information with rival company Oceana. On Wednesday, the tribunal said it held concerns about Brimstone Investment Corporation’s common shareholding interests in Sea Harvest and Oceana, which would be two of the top three firms in the local fishing industry following the merger. Brimstone owns and controls Sea Harvest and holds 17% of Oceana, according to Bloomberg data. The tribunal said Brimstone "must ensure it does not appoint or nominate the same individuals to the board of directors of Sea Harvest and Oceana". Further, representatives on the board would have to agree to maintain confidentiality over "competitively sensitive information", the tribunal said. Sea Harvest bought Viking Fishing for an undisclosed amount and also acquired 51% of Viking’s aquaculture interests. Viking Fishing, one of the largest family-owned fishing vent...
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