Skip to main content

NEVER BET AGAINST A BRAZILIAN WITH DEEP POCKETS : Cutral-Safra acquires Chiquita Brands "Lock, Stock & Barrel" ...






















Chiquita's $1.3 billion merger with Cutrale-Safra




October 27, 2014





Chiquita Brands International Inc. and the Cutrale-Safra group announced a definitive merger agreement under which Cutrale-Safra will acquire all outstanding common shares of Chiquita for $14.50 per share in cash — approximately $1.3 billion, including the assumption of Chiquita’s net debt. 










The transaction is expected to close by the end of 2014 or early 2015, at which point Chiquita will become a wholly owned subsidiary of the Cutrale-Safra group. It will remain incorporated in New Jersey.




In early March, Chiquita announced a merger with Ireland-based Fyffes; however, Cutrale-Safra entered the conversation in August, when the pair of companies contacted Chiquita with an unsolicited $611 million buyout. That offer, as well as a second made by Cutrale-Safra, was rejcted. 



Executives at Chiquita were in favor of the Fyffes deal as recently as the morning of Friday, Oct. 24, when Kerrii B. Anderson, chairwoman of the Chiquita board of directors, and Ed Lonergan, Chiquita`s chief executive officer, said, "Chiquita's board continues to believe in the long-term value of the ChiquitaFyffes merger and does not believe that the $14.50 offer from Cutrale/Safra is superior to the potential combination."




The Fyffes deal was voted down at a shareholder meeting later that morning, at which time the board continued discussions with Cutrale-Safra.




The transaction combines Chiquita with Cutrale Group, an agribusiness and juice company, and the Safra Group, a global financial services firm with a strong track record of successful investments.




“We are pleased to make this long-term investment in Chiquita, one of the leading fresh produce companies in the world,"
Cutrale-Safra said in a press release. 




"It has impressive brand loyalty and recognition through its 'Chiquita' and 'Fresh Express' brands, providing the company with a strong competitive edge in the growing worldwide demand for high-quality fresh fruits and salads. Cutrale-Safra is committed to supporting Chiquita as it continues to build out the strength of its franchises."




According to the release, Chiquita will be able to access Cutrale-Safra's substantial experience in all aspects of the fruit and juice value chain and extensive financial expertise, and it will be able to take advantage of Cutrale Group's knowledge of farming, processing, technology, sourcing, distribution, logistics and marketing.




“This transaction demonstrates our board’s commitment to maximizing shareholder value and underscores the significant progress Chiquita has achieved over the past couple of years in our financial and operational performance,”
Lonergan said in the press release.



 “We are pleased with the substantial value and significant all-cash premium we have delivered through this exciting agreement with the Cutrale Group and the Safra Group."






"Through the due diligence process, we developed a tremendous amount of respect for the entire Cutrale-Safra team, especially their knowledge and understanding of global agribusiness, shipping and manufacturing,"
Lonergan said in the release. 



"'Chiquita' and 'Fresh Express' are some of the most recognizable brands in the sector, and we are confident that Cutrale-Safra will be good stewards of the business moving forward. We look forward to working with Cutrale-Safra to ensure a smooth transition and complete the transaction as expeditiously as possible. We would once again like to express our sincere gratitude to Chiquita’s employees around the world for their hard work and dedication on behalf of Chiquita and our customers.”







http://www.theproducenews.com/news-dep-menu/test-featured/14381-chiquita-s-1-3-billion-merger-with-cutrale-safra


Popular posts from this blog

THE MOST SOUGHT AFTER MANGOES IN THE WORLD ....

While "Flavor" is very subjective, and each country that grows mangoes is very nationalistic, these are the mango varieties that are the most sought after around the world because of sweetnesss (Brix) and demand.

The Chaunsa has a Brix rating in the 22 degree level which is unheard of!
Carabao claims to be the sweetest mango in the world and was able to register this in the Guiness book of world records.
Perhaps it is time for a GLOBAL taste test ???





In alphabetical order by Country....










India




Alphonso





Alphonso (mango)
From Wikipedia, the free encyclopedia








Alphonso (हापुस Haapoos in Marathi, હાફુસ in Gujarati, ಆಪೂಸ್ Aapoos in Kannada) is a mango cultivar that is considered by many[who?] to be one of the best in terms of sweetness, richness and flavor. 


It has considerable shelf life of a week after it is ripe making it exportable. 

It is also one of the most expensive kinds of mango and is grown mainly in Kokan region of western India.

 It is in season April through May and the fruit wei…

Mangoes date back 65 million years according to research ...

Experts at the Birbal Sahni Institute of Palaeobotany (BSIP) here have traced the origin of mango to the hills of Meghalaya, India from a 65 million year-old fossil of a mango leaf. 





The earlier fossil records of mango (Mangifera indica) from the Northeast and elsewhere were 25 to 30 million years old. The 'carbonized leaf fossil' from Damalgiri area of Meghalaya hills, believed to be a mango tree from the peninsular India, was found by Dr R. C. Mehrotra, senior scientist, BSIP and his colleagues. 




After careful analysis of the fossil of the mango leaf and leaves of modern plants, the BISP scientist found many of the fossil leaf characters to be similar to mangifera.


An extensive study of the anatomy and morphology of several modern-day species of the genus mangifera with the fossil samples had reinforced the concept that its centre of origin is Northeast India, from where it spread into neighbouring areas, says Dr. Mehrotra. 




The genus is believed to have disseminated into neighb…

DHL (INDIA) makes gifting mangoes as easy as 1-2-3-....

Gifting mangoes is now easy with DHL
Announcement / Corporate


 May 19, 2011, 14:04 IST





Come this summer pamper your loved ones abroad with a box of delicious mangoes through DHL’s Express Easy Mango service, a unique one-stop-shop and hassle-free service for gifting mangoes all across the world.






This unique service by DHL Express, the world’s leading express company, allows customers to send mangoes from India across the world to the following countries Belgium, Canada, Czech Republic, Germany, Greece, Hungary, Hong Kong, Italy, Luxemburg, Maldives, Netherlands, Norway, Oman, Qatar Singapore, Switzerland and Sweden.





Mangoes can be availed of free of cost by merely paying for the Air Express service. In addition, DHL Express assists customers with the necessary paperwork along with procurement of quality-grade Alphonso mangoes.





Commenting on the new service, Mr. R.S Subramanian, Country Head, DHL Express India said: “With the advent of the mango season, it is no wonder that DHL Express Ea…