Fyffes Shareholders Approve Sumitomo Takeover

17 Jan 2017 --- The shareholders of multinational fruit company Fyffes have backed the proposed €751 million (US$796 million) takeover from Japan-based Sumitomo Corporation during discussions held in Dublin yesterday (January 16).

In December FoodIngredientsFirst reported how Fyffes, which has been headquartered out of Ireland for more than 30 years, is to be acquired by Japan’s Sumitomo Corporation.

The two companies reached agreement following the cash offer by Sumitomo which will see each Fyffes shareholder receiving €2.23 (US$2.37) per ordinary share. 

The McCann family are the biggest shareholders with their investment vehicle holding over 12 per cent. 

Fyffes investors held an extraordinary general meeting (EGM) at a Dublin hotel where shareholders voted in favor of the deal. The acquisition is on schedule and could be completed by as early as next month, however it will be subject to regulatory approvals. 

Commenting on the acquisition, Hirohiko Imura, Representative Director, Managing Executive Officer of Sumitomo, said late last year how the corporation had admired Fyffes for its long track record and market leading position. 

“We believe that our offer represents a great reward for Fyffes' shareholders. We are grateful that the McCann family has provided an irrevocable commitment of support and is entrusting us to continue with them the rich Fyffes heritage.”

“Sumitomo will provide Fyffes with experience, support and investment to continue to build on the tremendous Fyffes skills and experience and reach greater potential,” he said.