Fyffes To Hold EGM to Discuss Chiquita Merger
Published on Jul 30 2014 8:32 AM in Food
Fyffes, the 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 September 17 in Dublin, 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 and 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.