Fyffes shares plunge over merger doubts

Shares in Dublin-based fruit giant, Fyffes plummeted over 20% at one point yesterday after its intended merger with Chiquita Brands was thrown into jeopardy, with the latter receiving an unsolicited $611m takeover offer.

The planned Fyffes-Chiquita merger — announced earlier this year — was set to create the world’s largest banana supplier.

Juice maker Cutrale Group and Safra Group revealed yesterday in a statement that they were offering $13 a share for North Carolina-based Chiquita. The proposal is 29% more than Chiquita’s closing share price on Friday and isn’t subject to financing conditions, the companies said.