EU: Top banana company launches after EC clearance

The European Commission extended approval to banana companies Chiquita and Ireland-based Fyffes to merge, a deal that will result in the world’s largest banana producer.

Reports emerged last month that Chiquita and Fyffes would offer concessions to ease competition concerns raised by the Commission, though it was unclear what those concessions would be. According to reports, the Commission’s approval of the seal comes with the condition that Fyffes end its exclusivity deal with shipping line Maersk; the two companies have also agreed to not make any similar deals for the next decade.

Chiquita is reportedly planning to relocate its headquarters from the US to Ireland, a tactic known as inversion that has come under scrutiny from various authorities.

The European Commission most recently announced plans to scrutinize Apple, Fiat and Starbucks for their own inversion deals and tax agreements with various EU member states on suspicion those agreements may constitute unfair and illegal state aid.

Full content: Fox Business

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