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Japan: Dole finalizes $1.7B sale of Asia businesses

By  |  April 1, 2013

Dole Food has reportedly finalized a $1.7 billion sale to Japanese trading company Itochu. Dole has sold its global packaged foods and Asia fresh produce arms to the 150-year-old company, one of Japan’s largest trading houses. Dole will maintain its fruit and vegetable operations. Additionally, Dole has stated that its first-quarter results will include its $58.6 million fine issued by the European Commission for collusion with Dole Fresh Fruit Europe OHG as well as other banana importers; the information exchange happened a decade ago, but Dole plans to contest the fine, which was recently affirmed by the EU Court of Justice and the EU General Court. The recent sale to Itochu was approved by shareholders last September.

 

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