The major business events happening this week

For Your Diary: Fyffes EGM; Irish inflation rate; ECB interest rate; results from Goldman Sachs and Citigroup

David McCann (centre), chairman of Fyffes, at the company’s AGM recently. Photograph:

David McCann (centre), chairman of Fyffes, at the company’s AGM recently. Photograph:



Meetings: Fyffes EGM (Ballsbridge Hotel, Dublin 4).

Indicators: Ulster Bank construction PMI (Dec); Irish inflation rate (Dec); Euro zone balance of trade (Nov).


Results: Advanced Micro Devices; Morgan Stanley; United Continental.

Meetings: Global Airfinance Conference (Convention Centre, Dublin).

Indicators: UK retail price index (Nov); UK inflation rate (Dec); Euro zone ZEW Economic Sentiment Index (Jan).

Other: Cairn Energy operational update.


Results: Bank Mutual; Citigroup; First Bancorp; Goldman Sachs Group; Netflix.

Meetings: Global Airfinance Conference (Convention Centre, Dublin).

Indicators: Euro zone inflation rate (Dec); US inflation rate (Dec); US industrial production (Dec); US manufacturing production (Dec); US housing starts (Dec).

Other: Ladbrokes Coral Group trading update.


Results: American Express; Bank of New York Mellon; Citizens First; Nautilus.

Meetings: Global Airfinance Conference (Convention Centre, Dublin).

Indicators: US initial jobless claims (Jan 14).

Other: ECB interest rate decision; Royal Mail trading update.


Results: General Electric.

Meetings: BluePrint Business planning workshop (Radisson Blu Saint Helen, Co Dublin).

Indicators: Irish balance of trade (Nov); Chinese retail sales (Dec); UK retail sales (Dec).

Fyffes shareholders to vote on deal

Sumitomo Corporation’s €751 million offer for Fyffes will be put to shareholders at an extraordinary general meeting in Dublin today.

The two companies reached agreement in December following a cash offer by Sumitomo, which will see each Fyffes shareholder receiving €2.23 per ordinary share.

The deal combines the largest banana distributors in Europe and Asia and looks set to win approval from shareholders.

Fyffes shareholders will also be paid a final dividend in respect of this calendar year by Fyffes of €0.02 per share in cash, bringing the total amount to be received by Fyffes shareholders to €2.25 per Fyffes ordinary share in cash.

The Tokyo-headquartered company’s offer has the backing of the board and of large shareholders – including the McCanns – who between them hold close to 30 per cent of the stock.

In a letter to shareholders, issued before Christmas, Fyffes chairman David McCann said: “Whilst the Fyffes board believes that Fyffes is in a strong position in its business development and continues to believe in the standalone prospects of the company, the acquisition represents an attractive premium in cash and crystallises the substantial long-term value potential of Fyffes today.”

Sumitomo plans to execute the takeover through a unit called Swordus Ireland Holding Ltd.

The deal will have to be formally approved by shareholders at the EGM.

Aviation top brass fly in for conference

More than 1,200 senior airline executives will be in Dublin this week to attend the 19th annual global air finance conference.

Speakers at the three-day conference, which takes place in the Convention Centre, include Wizz Air chief executive officer Jozsef Varadi, Delta managing director Andy Nelson, Etihad Airways chief executive James Hogan, Westjet vice-president of finance Candice Li and Avolon chief executive Domhnal Slattery.

Among the topics being discussed are the evolution of the cargo market, competition in the engine aftermarket, why are investors drawn to aviation, what is driving lessor IPOs, and what the future of listed leasing equities holds.

Etihad Airways chief executive James Hogan will give a keynote on winning models in a changing world.

More than 1,000 executives from the industry attended last year’s event in Dublin.

They discussed how rising interest rates, currency devaluations and deflation can impact on aircraft values, and how the slowdown in China and similar large economies can impact on aircraft trading and financing.