Fyffes, Chiquita revise conditions of $1bn merger

Companies amend conditions to reflect mandatory jurisdiction of the European Commission

Fyffes executive chairman David McCann. Fyffes and Chiquita have revised some of the conditions of their proposed $1 billion merger. Photo: Dara Mac Dónaill/The Irish Times

Fyffes executive chairman David McCann. Fyffes and Chiquita have revised some of the conditions of their proposed $1 billion merger. Photo: Dara Mac Dónaill/The Irish Times

Tue, Apr 29, 2014, 12:22

Fyffes and Chiquita have revised some of the conditions of their proposed $1 billion merger.

The two companies have amended the conditions to reflect mandatory jurisdiction of the European Commission.

The original conditions said the merger would not meet the mandatory notification thresholds under the EC Merger Regulation.

As a result, the European Commission would have jurisdiction to examine the combination only if the EU Member States with jurisdiction to review the transaction did not object, or the European Commission accepted a request from one or more EU Member States to review all or part of the transaction.

The new merged entity will be called ChiquitaFyffes and will be listed on the New York Stock Exchange but domiciled in Ireland. It will have combined annual revenues of approximately $4.6 billion (€3.3 billion).

ChiquitaFyffes will have an operating presence in more than 70 countries and a workforce of approximately 32,000 people around the world. It will also have a “significant presence” in the global market for packaged salads, melons and pineapples.