Conditions for the proposed $1 billion merger deal between Fyffes and Chiquita have been adjusted to reflect the mandatory jurisdiction of the European Commission. The original conditions reportedly would not meet these mandatory notification thresholds under the EC Merger Regulation.
The original conditions of the deal would mean that the EU Commission would have jurisdiction to examine the combined brand, but only if the EU member states with jurisdiction did not object a review. It also would mean that one or all of the member states with jurisdiction would have to request a review before the EU Commission could do so.
The new merger will see the brands named as ChiquitaFyffes and while based in Ireland, will have an operating presence in more than 70 countries. Combined, the ChiquitaFyffes company will employ approximately 32,000 people around the world, with an expected combined annual revenue of €3.3 billion.
© 2014 - Checkout Magazine by Genna Patterson