Mowi (Buy, TP: NOK235.00) - Launching a bid for NTS ASA
On 24 January, Mowi announced its intention to launch a voluntary offer of NOK110/share for NTS ASA equity value: NOK13.8bn. The offer would be settled 50% in shares and 50% in cash. NTS has total farming capacity of 124kt (Mowi harvested 455kt in 2021) and operations in several overlapping regions where operational synergies seem likely. Mowi would also gain access to farming in new areas (Iceland) and a larger presence in northern Norway. NTS shares are trading above the bid, suggesting the market expects other bids to materialise.Marine Harvest is a seafood company engaged in the production of farmed salmon. Co. offers fresh and processed salmon and other processed seafood to customers in 70 countries worldwide. Co. focuses on three principal types of production activities: salmon feed production in Norway, fish farming and primary processing of fish in Norway, Scotland, Canada, Chile, Ireland, and the Faroe Islands, and secondary processing of seafood in Norway, Chile, Ireland, the United States, the United Kingdom, France, Belgium, the Netherlands, Poland, the Czech Republic, Japan, Vietnam, Taiwan, and South Korea.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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