Fyffes-Chiquita deal still expected

The planned merger of Fyffes with its US banana-producing rival, Chiquita Brands is still widely expected to succeed, with one analyst suggesting a deal could be concluded earlier than anticipated by the end of October.

Fyffes and Chiquita announced plans in March to create the world’s largest banana supplier.

However, on Monday those plans were thrown into jeopardy — and Fyffes’ share price was sent tumbling by over 20% — by news of a rival unsolicited $611m (€458m) bid for Chiquita by Brazilian juice-maker Cutrale, backed by Brazilian investment firm, Safra.