The struggle over the future of Avramar Greece, the Mediterranean’s largest producer of seabream and seabass, is heating up as the deadline for binding offers draws near.
The company’s main shareholder, Amerra Capital Management, has thrown its weight behind a cash bid from Canadian group Cooke Aquaculture. According to sources close to the process, Amerra believes Cooke’s proposal provides greater security and stability compared with the alternative backed by Deloitte, which is steering the sale of assets to Aqua Bridge.
At the same time, Amerra has signaled it is considering legal action against the restructuring process. As reported by Euro2Day, its objections centre on the non-renewal of Chief Executive Eugenio Meschini’s contract, a move it describes as “illegal” and against the interests of shareholders; on the composition of the board of directors, which it accuses of acting to the detriment of majority shareholders; and on what it sees as a lack of transparency in the sale process, which, according to Amerra, fails to ensure equal treatment for all bidders.
Tension escalated further when Avramar Greece blocked Cooke Aquaculture from carrying out its own due digiligence ahead of a binding offer expected in September, the Greek daily Kathimerini reported. The move has been interpreted as an attempt to favour Aqua Bridge and has deepened the rift between Amerra and the lending banks, which appointed Deloitte to oversee the sale.
Meanwhile, Greece’s aquaculture sector is watching events with unease. The recent decision by the Central Council of Urban Planning to reject Avramar Greece’s expansion plans around the island of Poros, coupled with the ongoing review of the national aquaculture strategy, adds a fresh layer of uncertainly to a process that could reshape the industry across the Mediterranean.
A final decision on the sale of Avramar Greece is expected in the coming weeks, against a backdrop of legal wrangling, international rivalry and an uncertain future for one of Europe’s leading aquaculture companies.
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