Study On Ownership and Exclusive Rights of Fisheries Means of Production Final Report Service Contract: EASME/EMFF/2016/1.3.2.1/SI2.766458 MRAG, AZTI & NEF February – 2019 Final Report EUROPEAN COMMISSION Executive Agency for Small and Medium-sized Enterprises (EASME) Unit A.3 — EMFF E-mail: [email protected] European Commission B-1049 Brussels EUROPEAN COMMISSION Study on ownership and exclusive rights of fisheries means of production Service Contract: EASME/EMFF/2016/1.3.2.1/SI2.766458 EASME/EMFF/2017/016 Executive Agency for Small and Medium-sized Enterprises (EASME) European Maritime and Fisheries Fund 2018 EN Final Report Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE This document has been prepared for the European Commission however it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2019 ISBN: 978-92-9202-453-6 doi: 10.2826/246952 © European Union, 2019 Final Report TABLE OF CONTENTS TABLE OF CONTENTS ........................................................................................ I LIST OF ABBREVIATIONS ................................................................................. V LIST OF TABLES ............................................................................................ VII LIST OF FIGURES ............................................................................................ X EXECUTIVE SUMMARY .................................................................................... XII RÉSUMÉ .................................................................................................... XVIII 1. INTRODUCTION ....................................................................................... 24 Study scope .................................................................................... 24 Objectives ...................................................................................... 25 Approach ........................................................................................ 25 Task 1: Ownership of vessels, licences and quotas ................... 26 Ownership and patterns of ownership ..................................... 27 Task 2: Concentration of ownership ....................................... 30 Task 3: Evolution of ownership .............................................. 33 2. FINDINGS ............................................................................................... 35 Key challenges ................................................................................ 35 MS-specific challenges .......................................................... 36 Belgium .......................................................................................... 39 Vessels ............................................................................... 39 Licences ............................................................................. 39 Quotas ............................................................................... 39 Ownership .......................................................................... 40 Denmark ........................................................................................ 43 Vessels ............................................................................... 43 Licences ............................................................................. 43 Quotas ............................................................................... 44 Ownership .......................................................................... 45 Evolution of ownership ......................................................... 48 France ............................................................................................ 53 Vessels ............................................................................... 53 Licences ............................................................................. 54 Quotas ............................................................................... 54 Ownership .......................................................................... 54 Germany ........................................................................................ 62 Vessels ............................................................................... 62 Licences ............................................................................. 62 Quotas ............................................................................... 62 Ownership .......................................................................... 63 Ireland ........................................................................................... 67 Vessels ............................................................................... 67 Licences ............................................................................. 67 Quotas ............................................................................... 68 Ownership .......................................................................... 68 Netherlands .................................................................................... 72 Vessels ............................................................................... 72 Licences ............................................................................. 72 i Final Report Quotas ............................................................................... 72 Ownership .......................................................................... 72 Spain ............................................................................................. 76 Vessels ............................................................................... 76 Licences ............................................................................. 77 Quotas ............................................................................... 78 Ownership .......................................................................... 79 Sweden .......................................................................................... 92 Vessels ............................................................................... 92 Licences ............................................................................. 92 Quotas ............................................................................... 93 Ownership .......................................................................... 93 United Kingdom ............................................................................... 99 Vessels ............................................................................ 99 Licences ............................................................................ 99 Quotas .......................................................................... 102 Ownership ........................................................................ 104 Evolution of ownership ....................................................... 108 Overview of EU MS covered ............................................................ 110 Ownership of fishing vessels ................................................ 110 Ownership of quota ............................................................ 110 Comparison ....................................................................... 113 Choke species ................................................................... 117 3. CASE STUDIES ON MERGERS AND ACQUISITIONS ..................................... 120 Case study 1: Spanish fleets targeting cod, halibut and other demersal fish in the north Atlantic ................................................................. 120 Scope and relevance .......................................................... 120 Institutional and regulatory context ...................................... 120 Sub-case study 1: Freiremar S.A. ........................................ 120 Sub-case study 2: Pesquera Ancora S.L. ............................... 122 Case study 2: Iberconsa and Portobello capital .................................. 125 Scope and relevance .......................................................... 125 Institutional and regulatory context ...................................... 125 Company characteristics ..................................................... 126 Transactions and outcomes ................................................. 127 Key findings ...................................................................... 128 Case study 3: Garavilla and Bolton Group ......................................... 129 Scope and relevance .......................................................... 129 Institutional and regulatory context ...................................... 129 Company characteristics ..................................................... 129 Transaction and outcomes .................................................. 130 Key findings ...................................................................... 131 Case study 4: Clearwater Seafood’s acquisition of Macduff .................. 131 Scope and relevance .......................................................... 131 Institutional and regulatory context .....................................