Chiquita bananas imported by the group at a market in Washington (AFP / File / Paul J. Richards)
Two wealthy Brazilians, including the king of orange juice Jose Luis Cutrale, want to seize the American banana giant Chiquita Brands and have put on the table Monday $ 611 million to achieve their ends.
M. Cutrale and billionaire businessman Joseph Safra joined forces and announced the surprise that their respective companies had made a purchase offer in a letter Monday to leaders of Chiquita.
Cutrale Group and Safra Group offering $ 13 per share in cash to shareholders of banana, valuing the American company to $ 611 million.
This price represents a premium of 29% over the closing price of Friday’s action on Wall Street, boast the two groups.
In a statement, Chiquita said it would consider “carefully” the offer and decide soon.
Cutrale Group is a producer of fruits (peaches, apples, lemons …) but is best known for its orange juice, which he claims a third of the global market, estimated at $ 5 billion.
As for the Safra Group investment fund, it ensures manage a portfolio of assets of $ 200 billion worldwide. Its founder, Joseph Safra, is a billionaire who built his own fortune. He owns bank Safra National Bank of New York, Banco Safra in Brazil and Jacob Safra Bank of Switzerland and has invested heavily in real estate. It also has agricultural land.
“We are confident that everything is now to discuss a potential transaction,” pleaded the Brazilian companies.
They cite in particular the ranking without Following a complaint in the United States of thousands of Colombians who have accused Chiquita paid money to a right-wing paramilitary force in Colombia, the United Self-Defense Forces of Colombia (AUC).
Chiquita always explained yielding to extortion AUC
-. Going fast –
unsolicited takeover of the two Brazilian groups threatens to derail marriage preparation between the banana and the Irish company Fyffes, supposed to allow the American group to be domiciled in Ireland to reduce its tax slate.
In March, Chiquita announced plans to buy the importer and distributor of exotic fruits for $ 526 million. Since the action of the American group fell on the stock market because of uncertainty surrounding the merger.
Chiquita and Fyffes part with American Fresh Del Monte and Dole Food of the four major companies dominating the market World banana.
If out of banns, Chiquita would pay $ 5 million to Fyffes, under the terms of their contract.
Aware of regulatory barriers both banana face, Cutrale Safra and want to push their advantage and conclude as soon as possible.
“We are ready to meet you at any time to discuss the operation in a little more detail,” écrivent- they still.
They hope to complete the transaction by the end of the year and give until August 15 at 1600 GMT to Chiquita for its response.
The two Brazilian groups may also feel comforted by the positive response from the investment community to their offering.
In exchange, the title Chiquita Brands flew in fact 30.22% to 13.10 dollars Monday .
Cutrale and Safra did say however nothing about their intentions if their target repels their advances. Will they launch a hostile bid or throw in the towel?
The letter “is not a legal requirement,” indicate only Cutrale Safra Group and without further details. They are not more forthcoming about the distributions of roles on success.
This is the second time since the beginning of the year that a Brazilian company expresses interest in a symbolic American company.
In June, the Brazilian group, global giant meat, JBS had seen his American rival Tyson Foods him steal sausages and hot dogs Hillshire Brands he coveted.
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