Grupo acquires Chiquita in $1.3bn deal

Brazilian juice maker Grupo Cutrale and investment firm Safra Group yesterday agreed to acquire US-based banana producer Chiquita Brands International, in a deal worth $1.3bn (€1.02bn).

Cutrale-Safra won an almost three-month battle for control of the North Carolina-based company, which rebuffed its three prior takeover attempts and sought to merge with Fyffes.

Chiquita will become a wholly owned unit of Cutrale-Safra and remain incorporated in New Jersey once the deal is finalised, according to a statement.