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Fyffes Chiquita merger in doubt today

Monday, August 11 15:18:53

Shares in Irish fruit importer, Fyffes, fell nearly 16pc today as juice maker Cutrale Group and Brazilian investment firm Safra Group said they had offered to acquire Chiquita Brands International.

In May, Chiquita Brands and Fyffes had agreed an all-stock deal to create the world's biggest banana supplier but today's news could jeopardise that, analysts say.

The offer is in cash that valued the US banana distributor's equity at $610.5 million.

Cutrale and Safra said they would offer $13 per share in cash to Chiquita shareholders, a 29 percent premium to Chiquita's closing price on Aug. 8.

The two companies also said their proposal had been sent to Chiquita's board of directors and urged the company to enter negotiations that will lead to the signing of a definitive transaction agreement.

For more visit: www.businessworld.ie