Sumitomo Deal To Acquire Fyffes To Be Completed Today
Japan’s Sumitomo Corporation is to take full control of Fyffes today, 16 February, following the completion of the courts process at 11am Irish time.
The move will see Fyffes become a wholly owned subsidiary of the Japanese company, ‘[and] completes the competition clearances required for the transaction to complete,’ according to a Fyffes statement.
Last month, an EGM of Fyffes shareholders gave their approval to the deal, which is valued at €751 million.
The EGM was, however, picketed by a number of unions, which have accused the banana giant of unfair trading practices in many of its production countries.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.