The planned merger of Fyffes with its US banana-producing rival, Chiquita Brands is still widely expected to succeed, with one analyst suggesting a deal could be concluded earlier than anticipated by the end of October.

Shares in Dublin-based fruit giant, Fyffes plummeted over 20% at one point yesterday after its intended merger with Chiquita Brands was thrown into jeopardy, with the latter receiving an unsolicited $611m takeover offer.