CHARLOTTE – Juice Producer Cutrale Group and investment Safra Group to the American fruit producer Chiquita Brands International to take over
The two companies have announced, according to the ANP. It is a rival bid, because in March of this year reported Chiquita that it wanted to merge with Irish rival Fyffes to form.
the world’s largest banana company Cash
This transaction would be completed entirely in stock. But now offer Cutrale and Safra 13 dollars per share in cash for Chiquita. That is a premium of 29 percent to the closing price of Chiquita in New York last Friday. Chiquita must then abandon the merger with Fyffes. The bid Cutrale and Safra appreciates Chiquita more than $ 610 million (€ 455 million).
No action
Chiquita announced examine the bid and recommended the to undertake at this time. shareholders no action
The Brazilian Cutrale is a large producer of orange juice, but also produces other fruits. Safra Group is owned by Joseph Safra, the second richest man in Brazil. His conglomerate is partly owner of the bank Banco Safra. In 2011, Safra even took a controlling stake in the Swiss bank Sarasin from Rabobank.
Wall Street
On Wall Street, the tender offer was well received. The Chiquita share was Monday with nearly 32 percent to $ 13.25.
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