Oceana Buys Lusitania

It has been confirmed that the Oceana Group Ltd has agreed to purchase all assets and interests held by the Lusitania Fishing group. The purchase will mean that Oceana will gain control over substantial additional hake, horse mackerel and South Coast rock lobster fishing interests.

The purchase would increase Oceana's interest in the hake industry from 1.1% to 4.4%, in horse mackerel from 18.8% to 22.8%, in south coast lobster from 3.1% to 22.6% and increase the commercial cold storage capacity of the group by 4.1%.

The purchase is subject to obtaining regulatory approval from the Minister of Fisheries under section 21 of the Marine Living Resources Act and Competition Commission approval. Oceana anticipates that the transaction would be effective from 1 March 2012.

See www.oceana.co.za for more.