Chiquita changes hands for $1,3 billion. The American banana giant was bought by Cutrale, a Brazilian company that exports fruit juices, and by the investment bank Safra. In recent days, Chiquita's shareholders had rejected a plan to merge with the Irish exotic fruit distribution company Fyffe's.
The Brazilian groups, owned by two wealthy businessmen, Jose Luis Cutrale and Joseph Safra, offered $14,50 per share in cash, which corresponds to a corporate value of $681 million. To this sum must be added the net financial debt of the group, which brings the total value of the American brand to 1,3 billion dollars.
The new company, which will become a subsidiary of Cutrale-Safra, will have its headquarters in New Jersey. The Cutrale Group is a fruit producer, but it is best known for its orange juice, which occupies a third of the world market. The Safra Group manages a portfolio of investment funds worth 200 billion worldwide. Joseph Safra also owns Safra National Bank of New York, Banco Safra in Brazil and Bank of Jacob Safra in Switzerland, as well as large real estate properties.
