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SOURCES in Iceland are suggesting caution over a 340-million euro bid by the Canadian company High Liner Foods for its seafood rival, the Icelandic Group.
The Icelandic Group is largely owned by the investment fund Framtakssjódur Íslands. It was founded by 16 Icelandic pension funds.
But according to the IcelandReview.com website the newspaper Fréttabladid says that representatives of High Liner Foods have repeatedly sent enquiries to the fund regarding their interest in Icelandic Group.
However, Framtakssjódur Íslands investment fund has indicated that it is not interested in an offer from High Liner Foods-something which the representatives of High Liner Foods are dissatisfied with-and talks with the German/Danish investment fund Triton on the acquisition of part of the company are well underway.
Finnbogi Jónsson, managing director of Framtakssjódur Íslands investment fund, said there are no plans to sell the majority of the Iceland-owned shares of Icelandic Group, which includes the company's sales system.
However, it was still possible that the majority of shares in the company's factories abroad will be sold, he added. Icelandic Group processes and sells seafood products to stores in North America and Mexico.
High Liner went public with its offer yesterday as it has been unable to establish talks with Icelandic Group's owners. High Liner believes that the assets are for sale even though the group is in talks with Triton Partners and have indicated that they will not talk with other parties until after January 8.
The Icelandic Group is one of the world's largest seafood groups and has a global sales and production set-up, including two large UK operations based in Grimsby - Coldwater Seafoods and Seachill.
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