airman David McCann and his close knit executive team may share a special $1m (€740,000) bonus if they can push through the €750m-plus merger deal with rival fruit giant Chiquita.They may also receive extra retention payments following the merger.
“In connection with the consummation of the combination, Fyffes may pay transaction bonuses to certain of its employees of up to $1,000,000 in the aggregate and retention bonuses to certain of its employees of up to $300,000 in the aggregate,” according to documents associated with the merger.
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The €750m Fyffes merger with Chiquita will create the world’s largest banana company, which will be headquartered in Dublin. McCann is set to lead the enlarged group.
Documents note that the collapse of a deal will trigger a €3m “break fee” equivalent to one percent of the value of Fyffes and one percent of the value of Chiquita.
