Oceana, South Africa's largest fishing group, will own the hake, horse mackerel and south coast lobster fishing rights, related assets of the group, associated companies as well as its cold storage business.
The transaction is subject to the approval of the Minister of Agriculture, Forestry and Fisheries as well as the Competition Commission.
The company said on Monday that should the transaction become unconditional, it is expected to be effective in March 2012.
The
