Tuesday 26 September 2017

Week 3: Champagne day for Fyffes shareholders

Fyffes shareholders will vote today on whether to accept a €751m takeover offer from Japanese conglomerate Sumitomo. Stock Image
Fyffes shareholders will vote today on whether to accept a €751m takeover offer from Japanese conglomerate Sumitomo. Stock Image
Gavin McLoughlin

Gavin McLoughlin

Fyffes shareholders will vote today on whether to accept a €751m takeover offer from Japanese conglomerate Sumitomo.

The consideration represents a 37pc premium to the highest share price Fyffes had posted prior to the announcement of the deal - champagne all round after the meeting in Dublin you would wager.

CSO releases this week include Government finance statistics for the third quarter, and the residential property price index, both due today. Tomorrow there will be trade figures for November, and inflation figures will be out on Thursday.

European Central Bank officials are unlikely to make any change in policy at a meeting on Thursday, while data from the United States will help the Federal Reserve decide whether to immediately follow December's rate increase with another.

Recent data from the eurozone suggests the bloc's economy ended 2016 on a solid footing, and last month the ECB surprised markets by saying it would trim its monthly bond purchases to €60bn, starting in April.

None of the economists polled by Reuters expects any change at the meeting. (Extra reporting: Reuters)

Irish Independent

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