Thursday, October 16, 2014

Cutrale and Safra raise offer on Chiquita

The Brazilian groups Cutrale and Crop increased 8% in its bid for control of the Chiquita Brands International American. With that, still trying to thwart the desired banana company's Alliance with the Irish Fyffes. Cutrale and Safra, a Brazilian manufacturer of orange juice and an investment firm, increased its offer to $ 14 per share, or $ 717 million, against the $ 13 per share ($ 666 million) offered in August. Chiquita said it will examine carefully the new offer.
The improved offer occurs at a time when Chiquita follows willing to perform their intended merger with Ireland's Fyffes-an association that, if implemented, will create the world's largest banana sales. In March, Chiquita and Fyffes said the merged company would move its headquarters to Dublin, where taxes are generally lower. Washington has been trying to curb this kind of business, with the implementation of rules that diminish the attractiveness of these operations.
Chiquita postponed its vote among shareholders about the deal with Fyffes after an influential shareholder Adviser, have pushed the company to negotiate with Cutrale and Safra, paving the way for the elevation of buyout offer and forcing Fyffes improve your part in the eventual merger. Fyffes has agreed a new deal that will give Chiquita a greater share of the joint venture. Chiquita's shareholders are expected to vote on the plan at the extraordinary general meeting on April 24.
Valor Economico
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