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US: Chiquita, Fyffes revise terms of merger

 |  September 28, 2014

Chiquita and Irish peer Fyffes have revealed revisions made to their proposed merger, which would create the world’s largest banana producer.

According to reports, the companies announced that both boards of directors have voted in favor of the revised merger agreement, which will now see Chiquita shareholders owning more of the new company.

Reports say the shareholders will own about 59.6 percent of ChiqtuiaFyffes, up from the original 50.7 percent originally agreed up.

The revisions also included an increased termination fee to be paid to Fyffes should their merger fail. The termination agreement was increased from 1 percent to the more customary 3.5 percent, say reports.

The revisions come as reports say the European Commission continues to review the deal; reports emerged earlier this month that the Commission would likely force concessions on the transaction but ultimately clear the merger.

Full content: MarketWatch

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