Chiquita buys Fyffes and becomes World No. 1 of banana

The American group Chiquita Brands International will buy its Irish competitor Fyffes Plc, this acquisition will give birth to World No. 1 of banana.

 The new entity is called ChiquitaFyffes and will have a cumulative turnover of 4.6 billion  USD per year. The transaction amounts to 526 million USD (378.9 million euros), paid in full by actions. Chiquita shareholders will hold 50.7% of the new entity, the shareholders of Fyffes the remaining 49.3%.

ChiquitaFyffes will keep all the brands of the two companies and is present in over 70 countries employing approximately 32,000 people. David McCann, the managing director of Fyffes, will become the CEO of ChiquitaFyffes.

source : reuters