Rival Bidder Threatens Fyffes and Chiquita Merger

12 Aug 2014 --- A new bidder is set to threaten the proposed merger plans for Irish banana firm Fyffes and American company Chiquita Brands.

A joint bid by US juice producer Cutrale Group and Brazilian investment firm Safra has emerged, offering $13 a share. The cash offer is conditional on Chiquita ending its deal with Fyffes. 

In March this year a $1bn tie-up between Fyffes and Chiquita was announced, in a move which would have created the world’s biggest banana producer. The deal would have seen the company move its tax base to Ireland in a controversial move known as 'inversion'. 

Cutrale’s business interests include processing for produce such as oranges, apples, peaches, lemons and soybeans. It would offer Chiquita the benefit of its farming and processing operations. 

The company, along with partner Safra, have said they will be looking forward to hearing a response on this offer by Friday this week.