Chiquita, established in 1870, is among the world's top banana producers, along with Fresh del Monte, Dole and Fyffes
, as per to BananaLink, a nonprofit in the United Kingdom that raises awareness about working conditions in the industry.
Chiquita said it now expects to enter into discussions with Cutrale over a deal which would trigger a termination fee to Fyffes
He added: "We are confident Fyffes
will remain at the forefront of the global produce industry.
a highly attractive premium of over 44% to the investment marketplace's valuation of the original proposed Chiquita transaction with Fyffes
, based on Chiquita's undisturbed closing price of $10.
activities include the production, procurement, shipping, ripening, distribution and marketing of bananas, pineapples and melons.
executive chairman David McCann, who will become chief executive of the new business, said: "Our outstanding employees will benefit from working for a larger, more diverse business which offers opportunities for growth.
, which also sells products under the Sol brand, employs more than 12,000 people worldwide, including 4,000 in the UK and Ireland at locations including Wakefield and Portsmouth.
According to CNN, by the end of 1990s, Chiquita lost its top spot to Dole, which has about 26 percent market share today, while Chiquita has 22 percent and Fyffes
has 7 percent.
7 per cent of the combined business following the merger, which values Fyffes
The global banana market is controlled by four multinationals, according to the UN: Chiquita , Fresh Del Monte, Hawaii-founded Dole Food Company and Fyffes
A tough year in the banana industry led to a substantial slip in profits at Fyffes
, Britain's biggest importer of the fruit.
, based in Dublin, and the Windward Island Banana Development Company, jointly own Geest.
18, 2014 /PRNewswire/ -- Cutrale-Safra stated that an investor presentation filed yesterday with the Securities and Exchange Commission (SEC) by Fyffes
is nothing more than a desperate attempt by Fyffes
to salvage its proposed transaction with Chiquita Brands International (NYSE: CQB), which the investment marketplace has valued at a little more than 10 dollars.
The rising cost of fruit production has been blamed by Fyffes
for a fall in profit last year.
Fruit and vegetable distributor Fyffes
has said trading in continental Europe had been so fruitful that the City should pencil in higher profits.