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.
