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Oceana’s Glenryck purchase in doubt

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Oceana Group, South Africa’s biggest seller of canned fish, would not go ahead with the acquisition of Foodcorp’s fishing unit Glenryck if it had to sell the rights to 9 000 tons of fish, it said on Tuesday. South Africa’s Competition Tribunal approved the R450 million deal last month on the condition that Oceana sells Glenryck canned-fish brand and its fishing quota of small pelagic fish. While an agreement in principle has been reached with Bidvest Group’s Namibian unit for Glenryck, Cape Town-based Oceana sees the loss of fishing rights as a deal breaker, according to its chief executive Francois Kuttel. Oceana shares closed 0.56 percent higher at R90 on Tuesday, extending the year’s gain. – Bloomberg

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