The sale of Chilean fishing and aquaculture giant Blumar could be valued at around $1 billion (€895.5 million) considering its market capitalization and the debt of the firm, reports Economia y Negocios.

Controlling shareholders Grupo Las Urbinas and Grupo Sarquis announced in April they will rescind the contract signed in 2011, putting up for sale their 78.81 percent stake in the company.

The decision was made after Grupo Las Urbinas decided not to renew the contract, which triggered a clause requiring the entire majority stake to be put up for sale.

However, Grupo Sarquis is said to be running for the takeover of the company, which is expected to be finalized by the end of the year.

According to Economia y Negocios, sources in the sector are also talking about interest from Norwegian and Chinese investors to buy the company.

In Norway, sources are pointing out at salmon farming giant Mowi and seafood giant Austevoll, which owns Leroy Saefood as well as FoodCorp in Chile and anchovy fishing giant Austral in Peru.

In addition, sources said there are some “curious” local companies supervising the process, such as Camanchaca, the other Chilean firm with interests in both fishing and aquaculture.

Blumar has a market cap of $650 million (€582.1 million), and its financial debt at the end of the first quarter was $203.8 million (€182.5 million).

Finance

Report: Blumar attracting interest from Chinese, Norwegian, Chilean companies