Copeinca, Peru's No. 2 fish exporter, said on Monday it has hired a team of financial advisors to "explore alternatives" after it received a US$556 million unsolicited buyout bid from China Fishery Group. Two of Copeinca's controlling shareholders rejected the bid in February, though third said it would be considered. Smaller retail investors could still accept the offer.UBS, DNB Markets and Carnegie will advise the Peruvian company on its options.
Peru is the world's top exporter of fishmeal and each year brings in about US$1.8 billion in export receipts. Its rich seas are increasingly coveted by multinational companies, even as the government takes steps to curb signs of overfishing.
Korean firm Dongwon has looked at making a bid for Diamante, Peru's No. 3 commercial fishing company, according to local media reports.
