Brazilians in new move in banana wars

http://www.ft.com/cms/s/0/ea0ec322-24d5-11e4-ae78-00144feabdc0.html



Brazilians in new move in banana wars
By Samantha Pearson in São Paulo
August 16, 2014 1:26 am

Brazil’s Cutrale and Safra families have appealed directly to Chiquita shareholders to choose their $1.25bn takeover offer over the US banana company’s proposed merger with Ireland’s Fyffes.

In the latest episode of the banana wars saga, billionaire banker Joseph Safra and the orange juice producer Cutrale submitted a preliminary proxy filing on Friday night, calling on Chiquita’s shareholders to vote against the Fyffes merger and accept their $13 per share offer instead.

The move comes after Chiquita rejected the Brazilians’ proposal on Thursday – an offer of $611m in cash and the promise to assume all of the US company’s debts.

“(The Chiquita board’s) decision to reject the superior Cutrale-Safra proposal is simply a continuation of their record of failed strategic decisions and shareholder value destruction,” the families said.