Fyffes, the Irish fruit importer and distributor, is to hold an emergency general meeting to seek shareholder approval for its proposed merger with Chiquita.
Fyffes will hold two meetings on 17 September in Dublin, Ireland, regarding the merger and other related matters. Chiquita will also hold an EGM on the same day in North Carolina, USA, to seek approval for the merger from its shareholders.
Before the merger can be completed, both companies need to secure approval from their shareholders. The merger will also be subject to customary closing conditions, such as obtaining regulatory approval.
Fyffes is the world's oldest fruit company, with a turnover of approximately €1.2 billion, and Chiquita has a turnover of approximately €2.23 billion. If the merger goes ahead, it would create the world's largest banana supplier. The resulting company would be known as ChiquitaFyffes and would be domiciled in Ireland. Chiquita shareholders would own around 50.7 per cent of the company, and Fyffes shareholders would own around 49.3 per cent.
The companies are aiming to complete the merger before the end of the year.
© 2014 European Supermarket Magazine by Nicole Gernon
To sign up to ESM’s weekly e-zine newsletter, send an email with the subject ‘Subscribe ESM news’ to [email protected].
