A group of shareholders led by Barcelona-based brewer Damm on Thursday seized control of troubled multinational fishing group Pescanova.
The proposal presented by Damm, Luxembourg-based financial holding company Luxempart and Spanish private equity firm Iberfomento at a Pescanova emergency shareholder meeting garnered 70.82 percent of a total of 11.02 million votes.
With Damm's bid to install a new board of directors securing a large enough majority, there was no need for a vote on an alternative proposal by another group of shareholders led by U.S.-based Cartesian Capital.
Based in northwestern Spain's Galicia region, Pescanova employs more than 10,000 people worldwide and is Europe's leading frozen-fish producer.
It is among the 10 largest conglomerates in its sector globally, with a fleet of 90 boats, more than 50 fish farms and several fish-processing plants.
The group, which filed for bankruptcy in April, has an asset hole of 1.7 billion euros (some $2.2 billion), according to a report released in early September by Deloitte, the company's bankruptcy administrator.
On Sept. 2, a Spanish National Court judge ordered 10 Pescanova executives to put up 1.2 billion euros (some $1.6 billion) to cover potential damages in the wake of the insolvency filing. EFE