€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

Fyffes chairman David McCann flanked by company secretary Seamus Keenan and non-executive director Tom Murphy. Photograph: Cyril Byrne

 

Fyffes’s €751 million takeover by Japanese group Sumitomo Corporation has been given the green light by the European Commission.

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.

Under the terms of the deal, Swordus Ireland Holding Limited, a subsidiary of the Japanese giant, will buy the entire issued share capital of Fyffes.

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.

Acquisition

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.