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Albacora Denies Take-Over Rumours Spain, March 22, 13

Albacora S.A , Europe’s largest tuna purse seiner operator denies reports that it is for sale. For the last month rumors have been circulating within the global tuna sector that South Korea’s Dongwon Industries was interested to bid for the Spanish company Albacora.

Sources in Spain say that Dongwon had made a bid that was rejected by Albacora.

Some sources says that the value of fishing company from Bermeo should possibly be between USD 800 and 900 million, considering it owns 17 purse seiners operating very profitably in all major tuna catching grounds. Albacora operates the world’s largest fleet of superseiners ( + 2000 M/T), and is also shareholder in the Barreras Shipyard, which constructs these boats.

With profits within the tuna fishing sector being at a historical high, and some vessels raking in as much as USD 10 million of net profit annually, Albacora generates around Euro 90 million of EBITDA.

The Spanish fishing company is also involved in canning and loining and has three tuna processing plants, one in Ecuador and two in Spain.

Although Albacora says it is not for sale, some industry sources say the Spanish company would make a perfect strategic fit with Thai Union Frozen, which has funds available for an important strategic takeover in Europe.