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Johannesburg - Oceana Group [JSE:OCE] has, through various subsidiaries, concluded agreements to purchase the hake, horse mackerel and south coast lobster fishing rights and related assets of the Lusitania Group and 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 transaction would increase Oceana's interest in the hake industry from 1.1% to 4.4%, horse mackerel from 18.8% to 22.8%, south coast lobster from 3.1% to 25.7% and raise the commercial cold storage capacity of the group by 4.1%, it said.
