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Monday, October 27, 2014

Cutrale-Safra to acquire Chiquita in deal valued at $1.3 billion, (NYSE: CQB)

Brazilian juice maker Grupo Cutrale and investment firm Safra Group agreed on Monday to acquire U.S.-based banana producer Chiquita Brands International Inc in a deal valued at $1.3 billion. Cutrale-Safra, which had offered to pay $14.50 per share of Chiquita in cash, said in a statement that the transaction is not subject to any financing conditions. Once the transaction is closed, Chiquita will become a wholly owned subsidiary of Cutrale-Safra, the statement added.

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 2.91% or $0.4/share to $14.16. In the past year, the shares have traded as low as $9.24 and as high as $14.43. On average, 755109 shares of CQB exchange hands on a given day and today's volume is recorded at 3150734.