Buy the ships, get the quotas: Pescanova Argentine gambit.
Spanish seafood processor Pescanova has bought out another Spanish firm, trawler company Pesquera Vasco Gallega. But it's not the boats it wants as much as a hake quota in Argentina that comes with them.Pesquera has two vessels working the hake fishery off Argentina, plus three others that have been idle since a fishing agreement between the European Union and Morocco expired three years ago; doubtless Pescanova hopes to make good use of them somewhere. The Vigo-based firm had reportedly been hurting since loss of access to the Moroccan fishery, but will keep its name and its port although its crews and other personnel will be absorbed by Pescanova.
Pescanova already owned Argentine trawler operator Argenova, which has 12 ships fishing for prawn, Patagonian toothfish and squid. But it needed Pesquera to obtain hake rights as well. The latest acquisition is part of an expansion strategy that began two years ago with the takeover of Pescafina, a company that was ailing financially but had access to Cuban fishery resources -- enough to make Pescanova the top player in the Spanish frozen seafood market.
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| Title Annotation: | Pescanova acquires Pesquera Vasco Gallega |
|---|---|
| Comment: | Buy the ships, get the quotas: Pescanova Argentine gambit.(Pescanova acquires Pesquera Vasco Gallega)(Brief Article) |
| Publication: | Quick Frozen Foods International |
| Article Type: | Brief Article |
| Geographic Code: | 4EUSP |
| Date: | Apr 1, 2002 |
| Words: | 182 |
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