European Union approves merger of Chiquita and Fyffes, Wall Street Journal reports

Category: European Union

The European Union on Friday (Oct. 3) approved the merger of Chiquita Brands Internationalwith Irish fruit giant Fyffes, effectively creating the largest banana company in the world, according to the Wall Street Journal.

As a condition of its approval, the EU required that Fyffes end its exclusivity deal with the shipping company Maersk and asked thatboth companies not enter negotiations with any shipping companies for a period of 10 years, the Journal said.

The merger had been delayed after two Brazilian companies, Cutrale Group and Safra Group, offered to buy Chiquita for over $600 million in August, the Journal wrote. Chiquita and Fyffes later agreed to a new merger deal that would give Chiqutua a larger share of company.

Chiquita is expected to begin its shipping operations out the Port of New Orleans this month. The firm announced in May that it would be relocating its operations from Gulfport, Miss, to New Orleans.

Read the full story in the Wall Street Journal here.

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European Union approves merger of Chiquita and Fyffes, Wall Street Journal reports

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October 4th, 2014
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