Chiquita, Fyffes alter merger agreement

FILE - In this Aug. 3, 2005 file photo, Chiquita bananas are on display at a grocery store in Bainbridge, Ohio. Changes to the proposed merger agreement between Chiquita and the Irish fruit company Fyffes will give Chiquita shareholders a larger stake in what would become the world’s largest banana supplier. Chiquita and the Irish fruit company Fyffes said Friday Sept. 26, 2014 that shareholders of Chiquita Brands International Inc., under the revised deal, will hold nearly a 60 percent stake, up from about 51 percent. (AP Photo/Amy Sancetta, File) FILE - In this Aug. 3, 2005 file photo, Chiquita bananas are on display at a grocery store in Bainbridge, Ohio. Changes to the proposed merger agreement between Chiquita and the Irish fruit company Fyffes will give Chiquita shareholders a larger stake in what would become the world’s largest banana supplier. Chiquita and the Irish fruit company Fyffes said Friday Sept. 26, 2014 that shareholders of Chiquita Brands International Inc., under the revised deal, will hold nearly a 60 percent stake, up from about 51 percent. (AP Photo/Amy Sancetta, File)

By Associated Press September 26, 2014 2 min read

Changes to the proposed merger between Chiquita and the Irish fruit importer Fyffes will give Chiquita shareholders a larger stake in what would become the world’s largest banana supplier.

The companies said Friday that shareholders of Chiquita Brands International Inc. will own nearly a 60 percent stake in the combined company under the revised all-stock deal, up from about 51 percent. Fyffes PLC shareholders will see their stake drop to about 40 percent, from more than 49 percent.

The boards of both companies have approved the revised deal, but shareholders still have to vote on it.

Chiquita and Fyffes announced their agreement last March. The new company will be incorporated in Dublin, where Fyffes is headquartered. Chiquita is based in Charlotte, North Carolina.

Chiquita and Fyffes said last week that they may make some concessions in their agreement to ensure that it is approved by European regulators. Fyffes spokesman Seamus Keenan said the deal revision announced Friday had nothing to do with that.