Dutch insurance firm obtains 5% stake in Bakkafrost - Local.fo
Business

Dutch insurance firm obtains 5% stake in Bakkafrost

NN Group, headquartered in Den Hague, announced earlier this year that they’ve bought 5.1 percent of Faroese salmon farmer, Bakkafrost.

The acquisition was announced on Jan. 8 in a company filing by the Faroe Islands’ largest salmon company.

The note to investors said nothing of the sums involved, but based on the trade in Bakkafrost, as of 9 January, the block of 2.5 million shares ought to cost EUR 82.8 million, writes Salmonbusiness.com.

NN Group manage insurance and capital in 18 countries. The 170-year-old company employs over 15.000 staff.

In November Bakkafrost upped its forecast for 2017 production, but revealed it expects to harvest less salmon in 2018 than last year. In its third quarter earnings presentation, Bakkafrost said it expects to harvest 54.000 metric tons in 2017, an increase of 1.000t on its previous forecast. For 2018, however, the company said it expects production to drop to 51.000t, writes Undercurrentnews.com.

“The 2018 volume guidance is 13% lower than the base for our current estimates and 11% below consensus”, wrote Kolbjorn Giskeodegard, an analyst with lender Nordea Bank, in a note on the results.