Total Produce has announced that the European Commission has cleared its merger with Dole Food Company, a move first revealed in February this year.
The deal, which still remains subject to approval by Total Produce shareholders, will create the world’s largest fresh produce company with estimated combined revenue of approximately US$9.7bn.
'Total Produce is pleased to announce that the European Commission has now granted its clearance decision for the transaction,' the group stated.
'The European Commission clearance and the expiration, lapse or termination of the waiting period under the HSR Act constitute the two antitrust conditions under the Transaction Agreement, both of which conditions are now satisfied. The Transaction remains subject to approval by Total Produce shareholders, market conditions and other customary conditions.'
The Irish multinational, which acquired a 45 per cent stake in Dole in July 2018, will assume the Dole name once the merger is completed.
The new company will be listed in the US, but its global headquarters will be in Dublin. Its headquarters for the Americas will be in Charlotte, North Carolina.
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