Chiquita postpones vote on Fyffes’ acquisition

Chiquita Brands International, owner of the namesake banana label, postponed a shareholder meeting to vote on its proposed acquisition of Irish food group Fyffes and told a Brazilian group that it's willing to talk about being bought instead. Investors in Chiquita had been due to meet on September 17th. Dublin-based Fyffes has granted Chiquita a waiver to talk with Cutrale Group and Safra Group, the Charlotte, North Carolina- based company said today in a statement.

Meanwhile Fyffes has proposed to adjourn a meeting of its shareholders, which also had been set for Sepember 17th.

Cutrale and Safra last month made a takeover proposal for Chiquita of $13 a share. Cutrale, a closely held company controlled by Brazil’s Jose Luis Cutrale, is partnering with banks owned by Joseph Safra, the country’s second-richest man, to break up the Fyffes deal.

Chiquita had originally agreed to acquire Fyffes in a $1 billion deal in March of this year to create the world’s largest banana company.

Bloomberg