Brazil’s Cutrale Group and Safra Group again increased their unsolicited joint bid to buy banana producer Chiquita Brands International in an offer worth about $686m (€542m).

Irish banana producer Fyffes yesterday announced it had agreed to a new merger proposal with Chiquita which would see it receive a smaller share of the newly-combined company.

Banana distributor Fyffes yesterday filed an investor presentation to the US Securities and Exchange Commission correcting what it refers to as misleading statements made in relation to its proposed merger with Chiquita.

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.