Cutrale Group and Safra Group agreed to acquire Chiquita Brands International Inc., the U.S. banana producer, for about $681 million.
The Brazilian bidders will pay $14.50 for each share of Charlotte, North Carolina-based Chiquita, the companies said today in a joint statement.
Talks about the deal began after Chiquita shareholders voted Oct. 24 to reject their company’s proposed takeover of Irish banana producer Fyffes Plc.
Cutrale, a closely held fruit juice company, and banks controlled by Brazil’s second-richest man, Joseph Safra, initially made an unsolicited offer of $13 a share to buy Chiquita in August. The bidders cited benefits for Chiquita from their farming, processing, logistics and marketing knowledge.
Chiquita, which traces its roots to an 1870 shipment of Jamaican bananas to New Jersey, also produces salad under the Fresh Express brand.