Monday 22 January 2018

€751m takeover of Irish fruit firm Fyffes approved by European Commission

Fyffes.
Fyffes.

John Mulligan & Sean Duffy

The €751m acquisition of Irish fruit firm Fyffes by Japan’s Sumitomo has received competition clearance, after the European Commission said it will not oppose the transaction.

Completion of the takeover remains subject to sanction of the scheme of arrangement by the High Court on February 16.

Last month, Fyffes shareholders voted overwhelmingly to sell the company to Sumitomo.

A motion to back the €751m sale of the Irish company was backed by more than 99pc of Fyffes shareholders who voted at an extraordinary general meeting.

Fyffes shareholders are to receive €2.23 per share under the terms of the transaction. Fyffes has an annual turnover of €1.2bn.

Sumitomo is a Japanese company with over 800 subsidiaries around the globe employing around 65,000 workers.

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