European Commission Grants Total Produce Approval To Merge With Dole
Total Produce has announced that the European Commission has granted approval for the company's plan to merge with the Dole Food Company.
In a statement, the fresh food company said that transaction remains subject to approval by Total Produce shareholders, market and other customary conditions.
On 17 February, Total Produce announced its plans to combine with the Dole Food Company and will move its listings from Dublin and London to the US.
The combined company, operating under the Dole brand, will be incorporated in Ireland, with its global headquarters in Dublin and the headquarters for the Americas in Charlotte, North Carolina.
Significant Revenue Synergies
Earlier this year, in a statement, Total Produce said the deal will simplify the existing structure between the two companies by unifying Dole and Total Produce under common ownership.
It said the deal will create the potential for significant revenue synergies and cost efficiencies and a platform to pursue growth from a broader set of available commercial opportunities.
Under the terms of today's deal, Total Produce shareholders will receive 82.5% of Dole plc shares.
Shareholders of Castle & Cooke, which own a 55% interest in Dole's parent company (Dole Holdings), will receive 17.5% of Dole plc shares.