Chiquita subject of $611m bid to rival Fyffes merger
U.S. banana group Chiquita received a $611m (£363m) bid from two Brazilian companies.
On Friday’s closing price the two firms, Juice maker Cutrale and conglomerate Safra have offered $13 a share.
Chiquita shares rose31% in New York after the bid was announced.
Other offers were the proposed merger of the Irish fruit firm Fyffes between Chiquita, where shares in Fyffes fell 15% in London.
The merger would create the world’s largest banana company worth $1bn.
But the two Brazilian companies said their offer “is clearly more favourable to the Chiquita shareholders than the proposed merger with Fyffes”.
According to the United Nations, the global banana market currently is ruled by four firms, Chiquita, Dole Food Company, Fresh Del Monte and Fyffes.
Source: BBC
