Banana company Chiquita agreed to be acquired by Brazil's Cutrale and Safra families in a deal worth $1.3 billion,
the
Financial Times
reported.
José Luís Cutrale heads one of Brazil's largest orange juice groups, the
FT
article said. “Cutrale has been looking to diversify from the slowing orange juice market,” the article said.
The
Wall Street Journal
described
Safra Group as “a network of businesses controlled by Brazilian banking billionaire Joseph Safra.” Cutrale-Safra made three bids for Chiquita between August and late October, the
Journal
article said.
Chiquita shareholders rejected a merger with Irish food company Fyffes PLC. Fyffes will receive a termination fee of about $20 million, the
Journal
report said.
Chiquita will become a unit of the Cutrales-Safra group, the
Journal
article said. (Source:
Financial Times
, Oct. 28, 2014;
Wall Street Journal
, Oct. 28, 2014.
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