If shareholders accept the take-over bid made by Sumitomo, Fyffes will become part of the largest banana importer in Asia. A time plan will be presented within 28 days after the bid has been made. It is currently already certain that the two largest shareholders, good for about 25 per cent of shares, have already definitively accepted the bid.
Twenty-eight days after the take-over bid, at the latest, the shareholders have to be informed about the details of the agreement and a time plan for the acquisition. The deal is therefore not yet certain at this moment, although the management of Fyffes unanimously supports the acquisition candidate.
Through the take-over, Fyffes will get more financial strength for take-over purchases and expansion of the international company, according to a spokesperson. A condition that has been made is that the deal has to take place. “It is not a question of synergy. Sumitomo is the largest banana importer in Asia, Fyffes is number one in Europe,” a spokesperson said. “The two companies are therefore complementary.”
Earlier this year, Fyffes took over two mushroom nurseries in Canada. In 2014, Fyffes was an acquisition candidate for competitor Chiquita. That deal seemed finalised, but in the end, the Irish multinational was too late, and Chiquita’s shareholders chose an acquisition of the Brazilian Cutrale Safra.