Earlier this autumn, Norsk Sjomat announced it was to list on the Oslo Stock Exchange, with plans to raise NOK 700-800 million (€63-72 million/$73.4-83.9 million) in fresh capital. In addition, existing owners -- Samherji the biggest -- were to sell their existing shares to Nergard.

But now the listing is off the table, along with the merger, with plans on hold indefinitely.

The board blamed market turbulence and cautious investors.

"We are a solid company, we make money and operate well," Nergard CEO Tommy Torvanger told IntraFish sister publication Dagens Naeringsliv Friday.