Chiquita and Fyffes merger to create world’s largest banana company
US-based fruit company Chiquita is to merge with its Irish rival Fyffes, creating the world’s largest banana company worth about $1 billion.
The new company, named ChiquitaFyffes, is expected to sell about 160 million boxes of bananas annually, more than any rival.
“This is a milestone transaction for Chiquita and Fyffes that brings together the best of both companies,” said Chiquita boss Ed Lonergan.
ChiquitaFyffes will be listed in New York.
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Chiquita is to merge with its Irish rival Fyffes, creating the world’s largest banana company worth about $1 billion
In the merger, shareholders will receive shares in each firm, with Fyffes shareholders owning about 49.3% of the combined company.
Ed Lonergan said the deal would help it to save costs and expand the areas it served.
The tie-up came as Fyffes revealed that its profit before tax for 2013 rose 9.8% to 28.7 million euros.
The global market is currently controlled by four firms – Chiquita, Dole Food Company, Fresh Del Monte and Fyffes – according to the UN.
The deal is expected to go through this year, but will be subject to review by competition authorities.
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