The banana wars are back on. The merger of Chiquita and Fyffes to create the world’s biggest banana company was gatecrashed yesterday by two of Brazil’s wealthiest families.
Brazilian billionaire Joseph Safra and Cutrale, the family-owned orange juice maker, offered to acquire US group Chiquita in a $610.5m cash deal that rivals a previous all-stock agreement with Ireland’s Fyffes.
Cutrale and Mr Safra’s investment group offered $13 per share to Chiquita shareholders, a 29 per cent premium to Chiquita’s closing price on Friday. The Brazilians hope the offer will be accepted this week.
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