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Fyffes plans to be banana giant

IRISH fruit firm Fyffes, Europe's largest fruit distributor, is to merge with US giant Chiquita to create the world's biggest banana supplier.

Known as ChiquitaFyffes, the new entity will control about 14pc of the global banana market. The transaction values Dublin-based Fyffes at about €379m.

The new business should have annual sales of about $4.6bn (€3.36bn), Fyffes said.

Chiquita chief executive officer Ed Lonergan will serve as chairman of the new company and David McCann (above), Fyffes's executive chairman, will become chief executive of the combined company, which will be domiciled in Ireland and listed on the New York Stock Exchange.