Fyffes' shareholders approve takeover

The international marketing magazine for fresh produce buyers in Europe
Carl Collen

BY CARL COLLEN

Fyffes' shareholders approve takeover

Sumitomo Corporation's €751m takeover bid gets the green light at a meeting of investors in Ireland

Fyffes' shareholders approve takeover

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Shareholders of Irish fresh produce giant Fyffes have backed the €751m takeover bid made by Japanese group Sumitomo Corporation, that was originally announced in December last year.

According to reports, the deal gained the approval of 99.9 per cent of investors during a vote at the Ballsbridge Hotel in Dublin, with executive chairman David McCann saying the agreement should be finalised in February, assuming it gains regulatory approval.

"It's an historic day in the company's history," McCann was reported as saying following the vote.

Commenting on the potential deal when the news broke last month, Sumitomo's managing executive officer Hirohiko Imura had said: “Sumitomo  Corporation  has  long  admired  Fyffes  for  its  outstanding  track  record  and  market  leading position, and we are delighted that the Fyffes Directors have unanimously agreed to recommend our offer to  shareholders.

"We believe that our offer represents a great reward for Fyffes’ shareholders," he added. "We are grateful that the McCann family has provided an irrevocable commitment of support and is entrusting us to continue  with  them  the  rich  Fyffes  heritage. Sumitomo  will  provide  Fyffes  with  experience,  support  and investment to continue to build on the tremendous Fyffes skills and experience and reach greater potential."

Sumitomo has been active in the banana industry since the 1960s and is the market leader in Asia with a fully integrated business model with interests ranging from plantation operations in the Philippines to retail distribution across the Asian region.

Currently, the Sumitomo Group imports approximately 30 per cent of the bananas into the Japanese market.

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