Ireland-based Total Produce has been cleared by the European Commission for its plan to purchase a 45% stake in Dole Food Co.
The deal is approved, according to Reuters, subject to the sale of Swedish business. The commission, which oversees competition in the European Union, is concerned about “competition in the market for bagged salads in Sweden, as only one major competitor would have remained,” according to the July 30 Reuters article.
“Yes, we are pleased that the European Commission has now adopted its clearance decision for Total Produce to move forward in acquiring an equity stake in Dole,” Bil Goldfield, director of corporate communications for Dole, said in an e-mail.
Total Produce on Feb. 1 said it entered into an agreement to but the 45% equity stake in Dole from David Murdock, chairman and owner, for $300 million.
Total Produce has the option to purchase 100% of Dole within two years after the deal closes, according to the original announcement in February.