Total Produce has announced that the European Commission has approved the merger of the fresh produce firm and Dole Food Company.
The merger was first announced in February 2021.
Merger Details
Earlier this year, the board of Total Produce plc, Dole Food Company, Inc., and affiliates of Castle & Cooke, Inc., which own a 55% interest in DFC Holdings, LLC, the parent company of Dole Food Company, Inc., announced that they had entered into a binding transaction agreement to combine under a newly created, Irish incorporated, US-listed company – Dole plc.
The waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the 'HSR Act'), previously expired on 16 April 2021.
The European Commission clearance and the expiration, lapse, or termination of the waiting period under the HSR Act constitute the two antitrust conditions under the Transaction Agreement, both of which are now satisfied.
The transaction remains subject to approval by Total Produce shareholders, market conditions, and other customary conditions, the company added.
Combined Business
Speaking earlier this year, Total Produce chairman, Carl McCann, said, "I am confident the combined business will open new avenues of value creation for shareholders and pursue innovation in healthy nutrition for our customers worldwide."
The merger will take the name Dole plc, and will be listed on the US market.
Dole plc will be incorporated in Ireland, with its global headquarters in Dublin, while its US headquarters will be in Charlotte, North Carolina.
In April, Total Produce announced that it entered into a credit agreement worth $1.44 billion with Coöperatieve Rabobank U.A. The proceeds from the transaction will be used to refinance the existing Total Produce and Dole debt facilities.
© 2021 European Supermarket Magazine. Article by Conor Farrelly. For more Fresh Produce news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
