European Commission gave the green light for merger of thee Greek aquaculture companies
The European Commission gave the green light on Friday to the sale of three Greek aquaculture companies under an international joint administration scheme. The leading Greek companies in the aquaculture industry, namely, Andromea, Nireus and Selonda, were sold to a joint administration scheme established by Amerra and Mubadala conglomerates. Amerra is a U.S. conglomerate specialising in capital asset management while Mubadala is an Emirati investment fund, headquartered in Abu Dhabi.
The three Greek companies specialise in the offish and fry cultivation, namely, the very small fish that grow in specialist ponds-hatcheries before being moved in the open sea. The most renowned fish varieties entail seabream and seabass. The European Commission directive sets up the highest production limits to ensure environmental sustainability and fair competition with other European aquaculture enterprises. According to the Commission’s directive, the new business entity would be delimited in terms of production to 10.000 tonnes of Mediterranean varieties of seabream and seabass and the hatching of 50 million of offish cultivations.
These commitments satisfy the operational requirements posed by the Commission’s working group. The E.U. working group examined compliance of the business venture with E.U. competition and anti-trust rules. The Commission ratified the deal concluding that it ensures sustainable competition in the fisheries sectors of Greece, Italy and Portugal.