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Brazilian juice exporter Cutrale and investment bank Safra have announced they're acquiring US banana giant Chiquita in a billion-dollar deal. Irish rival Fyffes was thrown out of the running last week.
Cutrale and Safra secured Chiquita in a $1.3-billion (1-billion-euro) deal, the two companies said Monday.
The Brazilian juice exporter added that together with the Safra consortium it would pay $14.50 per Chiquita share.
The announcement came just days after shareholders of the iconic US banana firm rejected a plan to merge with Irish fruit producer Fyffes.
Ireland no banana republic
A merger with Fyffes would have created the world's largest banana trader. For Cutrale, which claims a one-third share of the $5-billion global orange juice market, it means it will be propelled into the top ranks in the global fruit trade.
Such a marriage would also have meant that Chiquita would have been able to move its tax base to Ireland and pay less under regional stipulations.
But the administration of US President Barack Obama had expressed strong opposition to such deals with US companies claiming new foreign ownership and relocating their statutory domicile to low-tax locations like Ireland.
The Irish government had also pledged to work towards closing such taxation loopholes.
hg/ng (dpa, AFP)
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