Fyffes confident despite Chiquita merger blow

Fyffes’ management has vowed the Dublin company will remain at the forefront of the global produce industry, despite its proposed $1bn (€789m) merger with US banana rival, Chiquita Brands, collapsing.

Although Chiquita continued to recommend its link-up with Fyffes to its shareholders – instead of a rival offer from Brazilian consortium, Cutrale-Safra – the New York-listed company’s investors voted to reject the deal at the company’s AGM yesterday.

Chiquita will now re-enter talks with the Brazilians over a proposed deal. Thursday saw Cutrale-Safra increase its bid for Chiquita for a second time, to $14.50 per share, valuing the US firm at around $682m.