The bid to become "Top Banana"

The supply of the humble banana is set to become the latest market to be subject to a high profile M&A transaction with the announcement that Fyffes plc, the Irish based supplier of bananas, pineapple and melons, will merge with Chiquita, their North Carolina, US-based counterpart. The merger would result in the formation of a new entity called ChiquitaFyffes, with combined revenues of around USD 4.6bn and supplying over 160 million boxes of bananas annually.

Given that the global banana market is dominated by four big players, Chiquita, Dole Food Company, Fresh Del Monte and Fyffes, the merging of Chiquita and Fyffes would undoubtedly create the "Top Banana" in the industry and brings the relationship between the pair full circle. Back in 1986, Chiquita, under its former guise of United Fruit, sold Fyffes to Fruit Importers of Ireland, following which the target changed its name and became Fyffes as we know it today.

Filed under: dealmaking, food, fruit, Ireland, M&A, US, banana