Cutrale ponders juicier offer for Chiquita

Brazilian juice giant Cutrale is expected to return with an improved offer for US fruit producer Chiquita Brands, keeping the latter’s planned merger with Dublin-based banana distributor Fyffes in doubt.

Chiquita, yesterday, formally rejected this week’s unsolicited $611m (€458m) approach from Cutrale; and threw its weight behind the proposed Fyffes deal.

In a statement, Chiquita said Cutrale’s $13 per share bid was “inadequate” and not in the best interests of its shareholders, adding it would not be engaging with Cutrale and its investment firm backer, Safra, “at this time”.