nts Chiquita and Fyffes today issued a joint statement outlining certain revisions to their proposed merger, which will ultimately ensure a speedy combination transaction and help the completion of the process by the end of 2014. Charlotte-based Chiquita Brands International said Tuesday that the company will need the approval of the European Commission, to complete its proposed $1 billion merger with Irish company Fyffes.
Announced last month, the all-stock deal would give Chiquita shareholders just over half of the combined company, called ChiquitaFyffes. But the new company will be based in Dublin, Ireland, where its CEO and other top executives are to be located.
The original conditions of the tie-up apparently would not meet mandatory notification thresholds under the EC Merger Regulation, and therefore various adjustments had to be made.
Chiquita and Fyffes still intend to close the deal by the end of the year, the companies said.
The new merger will see the brands named as ChiquitaFyffes and while based in Ireland, will have an operating presence in more than 70 countries. Combined, the ChiquitaFyffes company will employ approximately 32,000 people around the world, with an expected combined annual revenue of €3.3 billion.
