Chiquita, Cutrale-Safra Merge Complete

Cutrale-Safra Groups completed acquisition of Chiquita Tuesday.

After months of pending deals and merger approvals, the Cutrale and Safra Groups  have completed their acquisition of Chiquita Brands International, Inc., the newly conjoined company announced Tuesday.

It is still not clear what will become of Chiquita's Charlotte-based operation, which signed a 10-year deal with the city just three years ago. If the company were to decide to move, the city would have to figure out how to respond.

Chiquita's remaining stockholders were paid $14.50 per share Tuesday. Chiquita, which was a publicly traded company, will no longer be listed on the stock exchange. Chiquita will continue to be incorporated in New Jersey and will operate under Cutrale-Safra affiliate Cavendish Acquisition Corporation. Cutrale-Safra is based out of Brazil.

In August, Cutrale and Safra proposed an acquisition of Chiquita for $13 per share. That all-cash proposal was valued at approximately $1.25 billion. That proposal derailed a planned merger between Chiquita and Fyffes. The Ireland-based Fyffes deal, which was first announced in March, was originally valued at approximately $1.07 billion.

Continuing Coverage:

> October 28, 2014: Business Beat: Understanding the Chiquita Deal
> October 27, 2014: Chiquita, Cutrale-Safra to Merge in $1.3 Billion deal
> September 8, 2014: Chiquita Postpones Vote on Fyffes Acquisition