Chiquita to merge with Fyffes in world's largest banana seller

Chiquita to merge with Fyffes in world's largest banana seller

Before the end of the year, banana giant Chiquita will merge with Irish Fyffes to form the largest banana company in the world.

ChiquitaFyffes

The deal between American Chiquita and Irish Fyffes will be done entirely in shares and will be worth 380 million euro. The new company ChiquitaFyffes will almost be split evenly in shares, as Chiquita will own 50.7 % of shares while Fyffes will get the remainder.

 

The merger should be finished by the end of the year, but there are still a few issues to be tackled. As the United Nations believes the entire banana industry is dominated by four large parties: Chiquita, Fyffes, Fresh Del Monte and Dole Food Company, a ChiquitaFyffes-collaboration might create a too powerful player.

 

The company, whose joint yearly turnover would be 3.3 billion euro, will keep its main offices both at Charlotte (United States) and Dublin (Ireland). The companies would be able to save up to 40 million euro in costs and, thanks to its Irish head quarters, plenty of tax-saving measures will be possible as Ireland has a tax-friendly company climate.

 

Together, Chiquita and Fyffes will employ some 32,000 people in more than 70 countries.

Questions or comments? Please feel free to contact the editors


C&A sells 13 French stores

22/11/2017

Fashion chain C&A will sell thirteen of its 160 French stores. The locations and the staff will all transfer to French fashion chain Chaussea and Stokomani.

Europe and Asia give Guess strong quarter

22/11/2017

American fashion brand Guess’ third quarter turnover grew more than 3 %, mainly thanks to excellent sales in Asia and Europe. It did post a net profit loss however.

Urban Outfitters gets back on track in third quarter

21/11/2017

Following several quarters of negative results, Urban Outfitters’ third quarter was one of growth. Total turnover grew 3.5 % and there was a 1 % like-for-like growth.

Danish fashion platform Miinto is now also available in Belgium

21/11/2017

Danish fashion platform Miinto has launched in Belgium this week. Smaller fashion retailers can sell their products on the platform, combining their strength to withstand larger web shops.

Lubach: “Fair clothing is a matter of priorities”

15/11/2017

Ever since the Rana Plaza disaster, the clothing industry has clamoured for transparency in the clothing manufacturing branch, but Zondag met Lubach’s Arjen Lubach proved on Sunday that there is no actual transparency yet.

Fashion chain Canada Goose opens first European store

14/11/2017

Canadian fashion chain Canada Goose opened its first European store in London. The brand’s clothing has been in Europe for quite some time, but only at multi-brand stores up until now.

Back to top