Chiquita agrees to sell to Brazil firms


CHARLOTTE, NC (BDCi) – Just days after shareholders rejected a deal from the Irish produce company, the Brazilian firms Cutrale and Safra have agreed to a deal to buy the banana giant Chiquita.

In an attempt to derail the Fyffes offer of $14.00 a share, the fruit juice firm Cutrale and the bank Safra offered $14.50 a share last week, favoring the U.S. banana company at roughly $680 million.

The deal represents a 34-percent premium on the share price for Chiquita offered back in March, when Chiquita accepted an offer from Fyffes over an offer from Cutrale and Safra.

Had the deal with Fyffes gone through, it would have created the largest banana company in the world.