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Friday, October 24, 2014

Chiquita shareholders vote against Fyffes deal, (NYSE: CQB)

Banana producer Chiquita Brands International Inc said it would start takeover talks with Brazil's Grupo Cutrale and Safra Group after its shareholders voted against its proposed merger with Irish rival Fyffes Plc.Chiquita's shares rose 3.7 percent to $14.27 in early trading on the New York Stock Exchange on Friday. Fyffes' shares were down 9 percent at 90 euro cents in Dublin."While we are convinced (Fyffes) would have been a strong merger partner, we will now go forward as competitors," Chiquita Chief Executive Edward Lonergan said in a statement.Chiquita had said earlier on Friday that it would only enter into discussions with juice maker Cutrale and investment firm Safra if its shareholders rejected the proposed merger with Fyffes.

Chiquita Brands International, Inc. (CBII), along with its subsidiaries, is an international marketer and distributor of bananas and other fresh produce, sold under the Chiquita and other brand names in 70 countries, and packaged salads sold under the Fresh Express and other brand names primarily in the United States. Shares of CQB traded higher by 3.56% or $0.49/share to $14.25. In the past year, the shares have traded as low as $9.24 and as high as $14.43. On average, 718766 shares of CQB exchange hands on a given day and today's volume is recorded at 907567.