Chiquita Brands International Inc.’s proposed $1 billion merger with Dublin-based Fyffes PLC is moving forward.
Part of the process of combining two of the world’s four biggest banana companies reached completion June 2 with the expiration of a waiting period for U.S. antitrust review of the deal as called for by the Hart-Scott-Rodino Antitrust Act, according to a news release.
“Expiration of the waiting period satisfies a condition to the closing of the transaction,” according to the release.
Other closing conditions remain before the deal is done, but company officials remain confident that the transaction will be finished by the end of the year.
Shareholders of both Fyffes and Chiquita still must approve the deal, according to the release. The companies must also meet additional regulatory conditions before closing the merger deal.
If the deal goes as planned, the new company, ChiquitaFyffes, will have estimated annual revenues of $4.6 billion, according to The Irish Times newspaper.