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Portobello plans merging Angulas Aguinaga with Spanish competitor

Fund plans to buy the leading European octopus producer.

Investment fund Portobello Capital is negotiating to acquire Spanish octopus producer Viveros Merimar to integrate it into Angulas Aguinaga, reports El Economista.

Viveros Merimar -- which sells cooked octopus under the Meripul brand – is the leading company in this sector in Europe, and a direct competitor of Angulas Aguinaga.

It exports to nearly 20 countries.

Portobello is focusing its strategy in a buy-and-build model, it has heavily invested in the strengthening of other participated companies such as Iberconsa to significantly increase their value before offloading the assets.

At the moment, the fund is receiving non-binding offers for its stake in Iberconsa.

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