| 13.9°C Dublin

Chiquita merger deal on the skids

Banana producers Fyffes and Chiquita have delayed shareholder meetings that were originally planned for next week and where both companies were due to seek shareholder approval for their proposed merger.

The meetings are being postponed to allow Chiquita time to hold talks with a rival buyer.

The waiver allows Chiquita to engage in discussions with juice-maker Cutrale and investment firm Safra Group regarding their joint $611m (€472m) takeover approach for the US company.

Last month, Chiquita rejected the surprise offer from Cutrale and Safra, both based in Brazil, saying it would stick with plans to merge with Fyffes that were announced in March this year.