Oceana shares bit by acquisition talks

Oceana Group, the biggest seller of canned fish in South Africa, says it has entered talks on a potential acquisition that may affect its share price. Shareholders should “exercise caution” until a further announcement was made, the Cape Town-based company said in a statement yesterday. Oceana is 37 percent owned by food producer Tiger Brands, according to data compiled by Bloomberg. Oceana shares fell as much as 8.1 percent, the biggest intraday decline since January 5, before recovering to close 2.25 percent down at R78.25 on the JSE. The stock has risen 9.9 percent this year, valuing the company at R9.17 billion. – Bloomberg