Shanghai-listed fishing giant China National Fisheries Corporation (CNFC) Overseas Fisheries agreed to take over Chinese tuna firm Zhejiang Fenghui Ocean Fisheries Company, according to the announcement on the Shanghai Stock Exchange.
The transaction is still subject to formal approval by higher authorities, which will happen after CNFC conducts due diligence on the company.
Zhejiang currently operates six longline tuna fishing vessels in the Pacific and one squid fishing vessel in the Atlantic.
