Kaupfélag Skagfirðinga to acquire full ownership of Kjarnafæði Norðlenska next month

Kaupfélag Skagfirðinga is set to acquire full ownership of Kjarnafæði-Norðlenska next month. The cooperative has reached out to farmers who resisted selling their shares during the summer.

Kaupfélag Skagfirðinga will secure 100% ownership of Kjarnafæði Norðlenska in the coming weeks, having previously acquired more than 90% of the meat processing company. The acquisition will finalize next month after certain farmers, who initially declined to sell, are now required to divest their shares.

This information comes from Gróa Jóhannsdóttir, the chairwoman of the ownership company Búsældar, which manages the farmers’ shares in Kjarnafæði Norðlenska. The board has approved the sale and plans to dissolve the company afterward.

In July, the two largest shareholders sold a combined 56% stake to Kaupfélag Skagfirðinga. The cooperative also owns Esja quality foods and several other firms. After the recent sales, around 44% ownership remained, held by 460 farmers through Búsæld. Most of these farmers eventually decided to sell, leaving thirteen who wished to retain their stakes, including Þórarinn Ingi Pétursson, a member of parliament.

The cooperative has announced its intention to call for redemption of the remaining shares under the company law, given that it holds over 90% of Kjarnafæði Norðlenska. Gróa expressed that while she has not extensively discussed the matter with members, she believes most are coming to terms with the situation, even if some are dissatisfied with losing their shares. The farmers’ shares in Búsæld amounted to 475 million Icelandic krónas in the latest financial report, with varying expected payouts.