Chiquita Brands International has rejected an increased takeover bid offered by juice business Grupo Cutrale and investment firm Safra Group http://goo.gl/fb4SU in favor of moving forward with its planned €352 million (US$449 million) purchase of Ireland-based Fyffes Plc. Jose Luis Cutrale, owner of fruit juice company Grupo Cutrale and investment banker and Brazil’s second richest man, Joseph Safra have been attempting to block the Chiquita-Fyffes deal which once completed would create the world’s biggest banana producer with a per-share value of $20.01. The offer which is valued at $1.24 billion including the assumption of Chiquita’s net debt is binding through October 26, and Cutrale and Safra have stated that they remain open to continued talks.
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