Fyffes-Chiquita merger ‘more likely to happen’

Fyffes’s proposed merger with US fruit producer, Chiquita Brands is looking more realistic after the latter rejected an improved takeover offer from Brazilian consortium, Cutrale- Safra.

Earlier this week, the Brazilians — made up of juice-maker, Cutrale and investment firm, Safra — increased their rival bid for Chiquita from $13 per share to $14 per share, valuing a deal at around $660m (€516m).

However, Chiquita said yesterday that after careful review, it considered the new offer “inadequate and not in the best interests of Chiquita share-holders”.