SHARES in Irish fruit company Fyffes slumped yesterday after juice-maker Cutrale and Brazilian investment firm Safra offered to buy Chiquita.
The offer came as Chiquita is attempting to close a merger with Fyffes. The new firm was expected to be based in Ireland for tax purposes, but yesterday's offer threatens the whole deal.
Shares of Chiquita rose more than 30pc. Cutrale and Safara said their proposal had been sent to Chiquita's board of directors and urged the company to enter negotiations that will lead to the signing of a definitive agreement. The Chiquita-Fyffes deal was revealed in March and would bring together two of the world's oldest fruit importers.