Fyffes and Chiquita Merger Deal Gets Green Signal from EC

Fyffes and Chiquita Merger Deal Gets Green Signal from ECThe merger between Fyffes and Chiquita gets a green signal from the European Commission and now there are no regulatory barriers that can stop the big deal from being completed before the end of the current year.

Flyffes is an Irish brand of Bananas and other fruits and Chiquita, its U. S rival. The two companies together would now form the biggest banana company of the world.

The two companies said, "We have worked closely with the European Commission to address any concerns and [this] decision reaffirms our confidence that the combination of Chiquita and Fyffes is a natural strategic partnership, one that is now assured of a clear timeline to completion before the end of the year."

The two companies had recently postponed their respective shareholder approval meetings . It was supposed to take place last month. It is now planned by the end of October for Chiquita to give it time to talk to its rival bidder, Cutrale-Safra a Brazilian company.

The terms of the original Fyffes/Chiquita merger were changed last week Last week. It gave Chiquita a 59.6% share of the new entity instead of the earlier 50.7%, in an effort to avoid the deal from the rival bidder.