Merger market weight of bananas

The American Chiquita Brands and the Irish Fyffes announced yesterday a merger that will create the largest global market for bananas. The new company, which will be named as ChiquitaFyffes, will have annual sales of $ 4.6 billion, presence in more than 70 countries and approximately 32 thousand employees.
In a business based on an exchange of shares equivalent to more than $ 1 billion, Chiquita will have 50.7% of the new company, while shareholders of Fyffes will be with 49.3% remaining.
Chiquita already has operations in 70 countries and important presence in the United States. Fyffes is a trading and international distributor with operations in Europe, the United States, in Asia and in Central and South America.
The companies estimate pre-tax operating synergies of at least $ 40 million per year until the end of 2016. The savings would come from efficiency improvements in the areas of logistics and procurement, among others.
The ChiquitaFyffes will be selling more than 160 million boxes of bananas a year. According to statement released by the companies, the deal brings the opportunity of the new company gain "greater global scale to better serve customers and reach new markets." The company will be listed on the New York Stock Exchange.
The merger still needs the approval of the shareholders of Fyffes and Chiquita and the Supreme Court of Ireland. The deal may have trouble with antitrust bodies, because more than 80% of the global trade in bananas currently is controlled by just four companies: Chiquita, Fyffes Dole and Fresh Del Monte Produce, according to the United Nations (UN).