Chiquita acquires Irish fruit distributor

Chiquita Brands International has acquired Fyffes, an Irish fruit and produce distributor, according to a New York Times report.

The Times reports that "The combined companies, which will be named ChiquitaFyffes, will be the world’s largest producer and distributor of bananas and will have about $4.6 billion in annual revenue. The transaction is expected to be completed by the end of 2014."

"Under the terms of the combination, Chiquita and Fyffes will become a wholly owned subsidiary of a new holding company incorporated in Ireland. The acquisition is the latest by an American corporation seeking to reduce its tax bill by buying a foreign company and effectively renouncing its United States citizenship."

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