Brazilian juice maker Cutrale and investment firm Safra Group have completed the tender offer under which Cutrale-Safra has acquired American banana producer Chiquita Brands International via its affiliate, Cavendish Acquisition Corporation, for $680m.
A definitive merger agreement to this effect was signed between Cutrale-Safra and Chiquita in October 2014.
Cutrale-Safra had agreed to acquire all outstanding common shares of Chiquita for $14.50 per share in cash.
It will focus with Chiquita on strengthening its businesses and brands, including Chiquita bananas and Fresh Express salads and snacks, and enable further growth in this environment through investments in the brands and operations.
Commenting on the acquisition, Cutrale-Safra said: "We look forward to working with Chiquita to build the premier and most sustainable fresh produce platform in the industry.
"The expertise of the Cutrale Group, one of the world's most highly regarded agribusiness and juice companies, and the extensive global relationships of the Safra Group will be important strategic differentiators for Chiquita.
"We are confident this combination will benefit customers and consumers of the Chiquita and Fresh Express brands around the world.
Chiquita Brands International markets and distributes bananas and pineapples, packaged salads, and other fresh produce primarily in the United States, Central America, Europe, and the Middle East.
Image: Chiquita markets and distributes bananas and pineapples, packaged salads, and other fresh produce. Photo: courtesy of Stoonn / freedigitalphotos.net.
