Fyffes and Chiquita revise conditions of proposed merger

Tuesday 29 April 2014 09.45
The change of plan is likely to speed the merger process for Chiquita and Fyffes
The change of plan is likely to speed the merger process for Chiquita and Fyffes

Banana firms Chiquita and Fyffes have revised some of the conditions of their proposed $1.07 billion merger, announced last month, but no material change to the merger will result. 

The changes mean that there will be a single European Union anti-trust filing to do with the merger, and Fyffes will have a derogation from the Irish Takeover Panel in advance of that.

It is thought the changes will speed the process of the merger.  

The firms have agreed to combine by the end of the year, with Chiquita shareholders owning about 50.7% of the combined entity - ChiquitaFyffes Limited - and Fyffes shareholders owning approximately 49.3%.