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).

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).

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.