Fyffes: Merger synergies up €15m

Fyffes has said that an additional $20m (€15m) worth of synergies from its proposed merger with US fruit giant Chiquita have been identified.

Yesterday’s announcement came just three weeks before both firms are set to put their merger plans to shareholders for approval and coincided with a strong set of first-half results from Fyffes, in which the Dublin-based banana distributor upped is full-year earnings outlook.

A joint statement from Chiquita and Fyffes said that a merger would now result in at least $60m (€45m) worth of annualised pre-tax cost synergies by the end of 2016, based on newly-acquired sourcing and shipping logistics information.