Canadian seafood giant Cooke is reportedly freezing its offer to buy Spain's Nueva Pescanova after consulting firm EY detected "cash deficiencies" in its accounts of €150 million ($163.1 million), according to a report in Spanish media outlet El Confidencial.
Cooke agreed in principle on April 13 to buy the stake of Nueva Pescanova's largest shareholder, Spanish bank Abanca, at a price of €150 million ($164.1 million), taking on €500 million ($547.1 million) of the company's debt.
The latest development would appear to leave the sale in limbo, however, according to El Confidencial.
