From Tulips to Bitcoins by Torsten Dennin

Author:Torsten Dennin
Language: eng
Format: epub
ISBN: 9781632992284
Publisher: River Grove Books
Published: 2019-09-09T16:00:00+00:00

Fredricksen controlled an almost 50 percent stake in Pan Fish through his investment company Greenwich Holding and the two vehicles Geveran Trading and Westborough Holdings. In June 2005, he bid successfully for the remaining shares of the company. In the second quarter of 2005, Fredriksen also acquired 24 percent of Fjord Seafood through Geveran Trading. His shares would soon amount to nearly 50 percent of the company. Then, in October 2005, Fjord Seafood made an offer to the state fish-farming company Cermaq, but the bid failed due to opposition from the Norwegian government.

Fredricksen made his next big move in March 2006: Nutreco, today the largest manufacturer of fish feed worldwide, sold 75 percent of Marine Harvest—which had been involved in Chilean fish farming since the mid-1970s—to Geveran Trading for nearly 900 million euros. The remaining 25 percent was acquired by the Norwegian firm Stolt-Nielsen.

On December 29, 2006, Pan Fish, Fjord Seafood, and Marine Harvest merged to form the new Marine Harvest Group. What was by far the largest fish-farming corporation in the world was now under the control of John Fredriksen.

Key Takeaways

•John Fredriksen, a modern version of Jack London’s Sea Wolf, made his fortune in the crude oil market, then became active in oil drilling, the transport of crude oil, shipping, and liquified natural gas. Today he controls an extensive corporate empire.

•During the first years of the new millennium, the Norwegian fish-farming industry experienced severe financial difficulties due to low salmon prices.

•By active industry consolidation over two years, Fredriksen built the Marine Harvest Group in 2006. Today it’s the world leader in fish farming and aquaculture.

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