€751m takeover of Fyffes clears final competition hurdle
Sumitomo Corporation’s acquisition of Irish fruit distributor gets green light from Brussels
Fyffes chairman David McCann flanked by company secretary Seamus Keenan and non-executive director Tom Murphy. Photograph: Cyril Byrne
In a statement, the fruit distributor said it had received competition clearance from Brussels, completing the final hurdle for the transaction.
In December, the company announced it had agreed the terms to be bought by Japan’s Sumitomo Corporation.
The €2.25-a-share cash deal will land the McCann family, who founded the group, an €87.5 million payment for their almost 12 per cent stake.
In a statement, Fyffes said the commission has determined that it will not oppose the acquisition of the company by Swordus Ireland Holding Limited.
“This completes the competition clearances required for the transaction to complete,” the company said.