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Stock Market & Financial Investment News

News Breaks
March 10, 2014
11:54 EDTCQB, FDPChiquita Brands rises after merger with Ireland's Fyffes
Shares of international produce distributor Chiquita Brands (CQB) are rising after the company announced that it plans to combine with Irish produce company Fyffes in a stock-for-stock transaction. WHAT'S NEW: Chiquita Brands and Fyffes announced that the boards of both companies have unanimously approved a definitive agreement under which Chiquita will combine with Fyffes in a stock-for-stock transaction. The deal is expected to result in Chiquita shareholders owning approximately 50.7% of the new company, named ChiquitaFyffes, and Fyffes shareholders owning approximately 49.3% on a fully diluted basis. The agreement creates a global company with approximately $4.6B in annual revenues. Chiquita and Fyffes plan to complete the transaction before the end of the year. WHAT'S NOTABLE: During its conference call to discuss the deal, Chiquita Brands said ChiquitaFyffes will be the largest player in the banana market globally after the merger. The company said it will also have strong positions in packaged salads and healthy snacks, melons and pineapples. The new company will have a balanced market presence in North America and Europe, with pro forma revenues of 47% and 46% respectively, and expects to generate 7% of pro forma revenue outside of North America and Europe, primarily in the Middle East, Eastern Europe, Russia and Asia. OTHERS TO WATCH: Fresh Del Monte (FDP) is a producer, marketer and distributor of fruit and vegetables and is a competitor to Chiquita Brands globally. PRICE ACTION: During late morning trading, shares of Chiquita Brands were up about 12% to $12.13. Fresh Del Monte shares were up fractionally to $27.51.
News For CQB;FDP From The Last 14 Days
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September 26, 2014
09:38 EDTCQBCutrale-Safra says to make Chiquita offer 'as expeditiously as possible'
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05:36 EDTCQBChiquita Brands, Fyffes announce revised transaction agreement
Chiquita Brands and Fyffes announced that the Boards of Directors of both companies have unanimously approved a revised agreement for the proposed combination of Chiquita and Fyffes. Under the terms of the amended agreement, Fyffes shareholders will now receive 0.1113 ChiquitaFyffes shares for each Fyffes share they hold and Chiquita shareholders will receive one ChiquitaFyffes share for each Chiquita share that they hold upon completion of the Combination. At that time, Chiquita shareholders are expected to own approximately 59.6% of ChiquitaFyffes, an increase from 50.7% under the previous agreement, and Fyffes shareholders are now expected to own approximately 40.4% of ChiquitaFyffes, on a fully diluted basis. The companies have also agreed to increase the termination fee payable to Fyffes from 1% to a more customary 3.5% of the total value of the issued share capital of Chiquita should the Combination be terminated under certain specified circumstances as detailed in the amended agreement. In addition, under the revised agreement, Fyffes will also have the right to terminate the Transaction Agreement if Chiquita shareholder approval is not obtained on or prior to October 24. In such event, Fyffes may be entitled to a termination fee if Chiquita enters into another transaction within nine months.
September 24, 2014
10:27 EDTCQBChiquita-Fyffes $526M merger to gain EU approval, Reuters says
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September 18, 2014
08:28 EDTCQBCutrale-Safra responds to Fyffes investor presentation to acquire Chiquita
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