Chiquita Board of Directors Approves Sale to Brazilian Companies
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Chiquita(CHARLOTTE, N.C.) — A group consisting of two Brazilian companies has agreed to acquire Chiquita Brands International, the company announced Monday.
The definitive merger agreement between Chiquita Brands and the Cutrale-Safra group will value the Charlotte-based fresh produce company at about $1.3 billion, including assumption of debt. The deal was unanimously approved by the Chiquita board of directors. A release from Chiquita calls Cutrale “one of the world’s most highly regarded agribusiness and juice companies” and the Safra group “a leading global financial services firm with a strong track record of successful investments.”
The news comes days after Chiquita shareholders rejected plans to merge the company with Fyffes PLC, an Irish fruit importer.
Cutrale-Safra said in a statement that Chiquita “has impressive brand loyalty and recognition,” and expressed optimism that the company could gain a “competitive edge in the growing worldwide demand for high-quality fresh fruits and salads.”
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