Fyffes Share Discussion Threads

[leebong] 29/8/2014 17:50

It is certainly under valued at about 80p target 130p-140p when the merger is approved.

[battlebus2] 29/8/2014 16:26

Slowly ticking back up to £1 with any luck....

[leebong] 27/8/2014 13:56

Fyffes have also increased their annual dividend by about 5%.

It is an excellent deal between the two company's that will
secure
22,000 Chiquita jobs and 12,000 Fyffes jobs. This is a great
time
to buy Fyffes shares as they are being sold at a large discount
when compared to Chiquita. Fyffes shares will be swapped with
Chiquita shares at a ratio of 6:1 and a large discount to
Chiquita.

It would be a smarter move for Cutrale to buy-out Fyffes now to
gain a 49% Chiquita holding and add a 5% Chiquita stake to gain
control of both businesses at a heavy discount.

The company raised its interim dividend by 5% to 0.714 euro cents
per share.

[leebong] 27/8/2014 13:31

Earlier this year, Chiquita Brands International said it would
merge with Irish fruit company Fyffes and move the new company's
headquarters to Dublin in a $1.1 billion deal. At the time,
Chiquita (NYSE: CQB) and Fyffes said they could save as much as $40
million annually by coming together, but now, according to a report
by the Wall Street Journal, that number has been revised upward, to
$60 million per year.

The deal still isn't complete; shareholders are expected to vote on
the merger on Sept. 17. But the national environment has changed
since the Chiquita-Fyffes deal was announced in March. Since then,
a public outcry over so-called tax inversions -- in which an
American company merges with a foreign company and relocates its
headquarters outside the U.S. in order to realize some tax benefits
-- has increased, to the point that President Barack Obama spoke
out against the maneuver.

As USA Today explained, the impending tie-up between Burger King
(NYSE: BKW) and Tim Hortons led to a flood of criticism on social
media and elsewhere, even as Burger King officials insisted the
deal had little to do with taxes, and that it would "continue to
pay US taxes as we have been doing."

Chiquita appears to have avoided that kind of attention at a
national level, so far, though at the local level, officials in its
headquarters city, Charlotte, have explored whether the company
still qualifies for certain incentives that were offered to lure it
there from Cincinnati just a few years ago.
David A. Arnott is assistant news editor with The Business
Journals.

hTTp://www.bizjournals.com/triangle/news/2014/08/27/chiquita-fyffes-cite-more-savings-inversion.html

[leebong] 27/8/2014 13:31

Earlier this year, Chiquita Brands International said it would
merge with Irish fruit company Fyffes and move the new company's
headquarters to Dublin in a $1.1 billion deal. At the time,
Chiquita (NYSE: CQB) and Fyffes said they could save as much as $40
million annually by coming together, but now, according to a report
by the Wall Street Journal, that number has been revised upward, to
$60 million per year.

The deal still isn't complete; shareholders are expected to vote on
the merger on Sept. 17. But the national environment has changed
since the Chiquita-Fyffes deal was announced in March. Since then,
a public outcry over so-called tax inversions -- in which an
American company merges with a foreign company and relocates its
headquarters outside the U.S. in order to realize some tax benefits
-- has increased, to the point that President Barack Obama spoke
out against the maneuver.

As USA Today explained, the impending tie-up between Burger King
(NYSE: BKW) and Tim Hortons led to a flood of criticism on social
media and elsewhere, even as Burger King officials insisted the
deal had little to do with taxes, and that it would "continue to
pay US taxes as we have been doing."

Chiquita appears to have avoided that kind of attention at a
national level, so far, though at the local level, officials in its
headquarters city, Charlotte, have explored whether the company
still qualifies for certain incentives that were offered to lure it
there from Cincinnati just a few years ago.
David A. Arnott is assistant news editor with The Business
Journals.

hTTp://www.bizjournals.com/triangle/news/2014/08/27/chiquita-fyffes-cite-more-savings-inversion.html

[battlebus2] 27/8/2014 13:30

Results this morning still show these are undervalued even if the
deal doesn't go through. Should climb back to £1 again imv.

[leebong] 27/8/2014 11:24

Chiquita repeats commitment for Fyffes merger

Aug 27 2014, 03:14 ET | About: Chiquita Brands Internatio... (CQB)
| By: Yoel Minkoff, SA News Editor Contact this editor with
comments or a news tip

Chiquita Brands (NYSE:CQB) has reiterated its commitment for a
merger with Fyffes (OTC:FYFFF) and expects the deal to provide $60M
in annualized pre-tax cost savings."Chiquita and Fyffes remain
committed to the transaction and are continuing to work together to
complete the combination as expeditiously as possible," says
Chiquita CEO Ed Lonergan.

hTTp://seekingalpha.com/news/1954655-chiquita-repeats-commitment-for-fyffes-merger?uprof=53#email_link

[leebong] 27/8/2014 09:13

Chiquita and Fyffes say they have identified an additional $20
million of synergies for a total of at least $60 million in
annualised pre-tax cost savings by the end of 2016.

The $20 million of additional recurring annual synergies is
anticipated to come from European and Mediterranean shipping
benefits.

Chiquita and Fyffes believe approximately 50 per cent of the $60
million of synergies are achievable in the first year following the
close of the merger, with the remaining synergies achieved by the
end of the second year.
Proposed merger of Fyffes and Chiquita clears US hurdle

Fyffes executive chairman David McCann. Fyffes and Chiquita have
revised some of the conditions of their proposed $1 billion merger.
Photo: Dara Mac Dónaill/The Irish TimesFyffes, Chiquita
revise conditions of $1bn merger
In March of this year, Fyffes announced it will merge with
Chiquita, to create the world’s largest banana company. The
merged entity will be called ChiquitaFyffes and will be listed on
the New York Stock Exchange but domiciled in Ireland.

Chiquita’s CEO Ed Lonergan and Fyffes executive chairman
David McCann both said they remain committed to the merger and are
continuing to work together to complete the combination as
expeditiously as possible.

Fyffes has additionally announced today that it has delivered a
strong result in the first half of 2014 with adjusted earnings per
share 39.2 per cent higher.
The fruit company has increased its adjusted earnings before
interest, taxes and amortisation (EBITA) target for 2014 to between
€38 million and €42 million from the range €30
million to €35 million.

Separately, Chiquita has announced a range of efficiency
initiatives anticipated to reduce its costs by approximately $14 to
$16 million.
Headquartered in Dublin, Fyffes has operations in Europe, the US,
Central and South America and has begun operations in Asia.
Chiquita is a leading international marketer and distributor of
fresh fruit and salads, and is headquartered in North Carolina.

hTTp://www.irishtimes.com/business/sectors/agribusiness-and-food/chiquita-and-fyffes-identify-additional-20m-of-synergies-1.1909433

[leebong] 27/8/2014 09:13

Chiquita and Fyffes say they have identified an additional $20
million of synergies for a total of at least $60 million in
annualised pre-tax cost savings by the end of 2016.

The $20 million of additional recurring annual synergies is
anticipated to come from European and Mediterranean shipping
benefits.

Chiquita and Fyffes believe approximately 50 per cent of the $60
million of synergies are achievable in the first year following the
close of the merger, with the remaining synergies achieved by the
end of the second year.
Proposed merger of Fyffes and Chiquita clears US hurdle

Fyffes executive chairman David McCann. Fyffes and Chiquita have
revised some of the conditions of their proposed $1 billion merger.
Photo: Dara Mac Dónaill/The Irish TimesFyffes, Chiquita
revise conditions of $1bn merger
In March of this year, Fyffes announced it will merge with
Chiquita, to create the world’s largest banana company. The
merged entity will be called ChiquitaFyffes and will be listed on
the New York Stock Exchange but domiciled in Ireland.

Chiquita’s CEO Ed Lonergan and Fyffes executive chairman
David McCann both said they remain committed to the merger and are
continuing to work together to complete the combination as
expeditiously as possible.

Fyffes has additionally announced today that it has delivered a
strong result in the first half of 2014 with adjusted earnings per
share 39.2 per cent higher.
The fruit company has increased its adjusted earnings before
interest, taxes and amortisation (EBITA) target for 2014 to between
€38 million and €42 million from the range €30
million to €35 million.

Separately, Chiquita has announced a range of efficiency
initiatives anticipated to reduce its costs by approximately $14 to
$16 million.
Headquartered in Dublin, Fyffes has operations in Europe, the US,
Central and South America and has begun operations in Asia.
Chiquita is a leading international marketer and distributor of
fresh fruit and salads, and is headquartered in North Carolina.

hTTp://www.irishtimes.com/business/sectors/agribusiness-and-food/chiquita-and-fyffes-identify-additional-20m-of-synergies-1.1909433

[leebong] 27/8/2014 08:56

Fyffes H1 Pretax Profit Rises; Increases 2014 Adj. EBITA Target

8/27/2014 2:43 AM ET
Fyffes plc (FFY.L) reported pretax profit of 22.23 million euros
for the 6 months to 30 June 2014, compared to 20.70 million euros,
prior year. Profit to equity shareholders increased to 18.56
million euros from 18.43 million euros. Earnings per share in cents
was 6.12, compared to 6.13, previous year.

Adjusted profit before tax increased to 31.0 million euros from
22.2 million euros. Adjusted earnings per share in cents was 8.85,
compared to 6.36, prior year.

Adjusted EBITA increased to 31.5 million euros from 23.1 million
euros.

Group revenue increased to 490.24 million euros from 475.99 million
euros. Total revenue including share of joint ventures was 592.84
million euros, compared to 585.43 million euros. The Group said the
increase in revenue reflects a combination of further organic
growth in all product categories, particularly in pineapples and
melons, largely offset by lower average prices.

The Board of Fyffes has declared an interim dividend for the year
of 0.714 euro cent, an increase of 5% on the prior year.

Fyffes increased its target adjusted EBITA for the full year 2014
to the range 38 million euros-42 million euros, from prior guidance
range of 30 million euros-35 million euros.


Separately, Chiquita Brands International, Inc. (CQB: Quote) and
Fyffes plc announced updated anticipated annualized pre-tax cost
synergies for the proposed combination of Chiquita and Fyffes.
Chiquita and Fyffes have identified an additional $20 million of
synergies for a total of at least $60 million in annualized pre-tax
cost synergies by the end of 2016. Chiquita and Fyffes believe
approximately 50% of the $60 million of synergies are achievable in
the first year following the close of the merger, with the
remaining synergies achieved by the end of the second year.

"As a result of our diligent and thorough integration planning
efforts, Chiquita and Fyffes have identified an additional $20
million of synergies that will allow ChiquitaFyffes to deliver even
more value for our shareholders and result in a combined company
with stronger earnings power," said Ed Lonergan, Chiquita's CEO,
and David McCann, Fyffes Executive Chairman.

hTTp://www.rttnews.com/2375342/fyffes-h1-pretax-profit-rises-increases-2014-adj-ebita-target.aspx?type=maa

[leebong] 15/8/2014 15:52

Tax inversion plan back on for Chiquita Brands

Aug 15 2014, 09:22 ET | About: Chiquita Brands International Inc. (CQB)

Shares of Chiquita Brands (NYSE:CQB) slump in early trading after the company rejects a takeover offer.The development puts the company's tax inversion plan via a purchase of Fyffes back on the front burner. So far, Chiquita has avoided the public scrutiny that Walgreen took on for its proposed Atlantic-jumping move.CQB -3.8% to $13.00.

[leebong] 15/8/2014 00:49

Chiquita Board: $13 per share offer is inadequate

Aug 14 2014, 16:35 ET | About: Chiquita Brands International Inc. (CQB)

Having made the decision that Cutrale and Safra's Groups' $13 per share cash offer is not in the best interests of Chiquita (NYSE:CQB) shareholders, the board has decided not to furnish information or engage in talks with the two.

The company remains committed to completing its merger with Fyffes.Source: Press

ReleasePreviously: Chiquita Brands in play?Shares little-changed at $13.50 AH

[leebong] 14/8/2014 10:34

Here is an interesting article. If the merger goes ahead a bidding war may ensue to buy the combined business that could drive the share price to new highs.

Takeaway

Right now, Mr. Market is very excited about a Chiquita buyout opportunity and for good reason. In many ways, the company, as well as the company's stock, mirrors the Hillshire buyout scenario that recently took place. Whether or not the situation will turn out the same way is something only time will tell, but given the fact that a tax inversion through its purchase of Fyffes is on the table, any sort of transaction will have to yield a higher return, in management's eyes, than said inversion.

Source:

[leebong] 13/8/2014 08:10

Fyffes are pressing ahead with the merger regardless of the recent offer to Chiquita.


RNS Number : 9544O

Fyffes PLC

12 August 2014

Fyffes plc

Stock Exchange Announcement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

Posting of Proxy Statement/Prospectus and Profit Forecast Documents to Shareholders in respect of the proposed combination with Chiquita Brands International, Inc. to form ChiquitaFyffes plc

Proposals to participants in Fyffes 2007 Share Option Scheme and Short Term Incentive Plan

Further to the joint announcement of Chiquita Brands International, Inc. ("Chiquita") and Fyffes plc ("Fyffes") on 28 July 2014, Fyffes wishes to announce that the registration statement on Form S-4 of ChiquitaFyffes Limited ("ChiquitaFyffes") (the "Form S-4") will be posted to Fyffes shareholders today. The Form S-4 includes a proxy statement of Chiquita, a prospectus of ChiquitaFyffes, and an Irish scheme circular of Fyffes. Fyffes shareholders will also receive the notices and forms of proxy for the two special meetings of Fyffes shareholders to be held on 17 September 2014 at 10.00 a.m. and 10.30 a.m. respectively (or, if later, as soon as possible after the conclusion or adjournment of the first special meeting). Participants in Fyffes approved profit sharing scheme and UK share incentive plan will also receive forms of direction by which they can direct how they wish their votes to be cast at either or both of the special meetings.

As previously announced, on 10 March 2014 Fyffes entered into a definitive merger agreement with Chiquita under which Chiquita will combine with Fyffes in a stock-for-stock transaction. On completion of the combination, Chiquita shareholders will own approximately 50.7% of ChiquitaFyffes, and Fyffes shareholders will own approximately 49.3% of ChiquitaFyffes, on a fully diluted basis. The agreement creates a global banana and other fresh produce company with approximately $4.6 billion in annual revenues.

Profit forecast document

In accordance with Rule 28 of the Irish Takeover Rules (the "Rules") Fyffes shareholders will today also be sent two separate documents containing profit forecasts that have been made by Fyffes and Chiquita (in the form of earnings guidance for the financial year ending 31 December 2014) respectively, together with the reports thereon, prepared solely for the purposes of complying with Rule 28.3 of the Irish Takeover Rules, from (i) in the case of the Fyffes profit forecast, Fyffes reporting accountants, KPMG, and Fyffes financial advisors, Lazard & Co., Limited, and (ii) in the case of the Chiquita profit forecast, Chiquita's reporting accountants, PricewaterhouseCoopers Ireland, and Chiquita's financial advisor, Goldman Sachs International.

[karzy] 12/8/2014 21:29

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email [e-mail] to buy additional rights.

At Fyffes' annual meeting in Dublin in May, executive chairman David McCann extolled the virtues of the Irish banana distributor's proposed merger with Chiquita to create a global fruit operator with combined sales of about $4.5bn.
Under the heading "Best of Both", he highlighted the combined groups' complementary product mix, management expertise, equity value of $1bn and target of $40m in annualised cost synergies.

That scenario is threatened by this week's unexpected hitch in the all-share merger – a cash counter-offer of $611m for Chiquita from Cutrale, the leading producer of oranges in Brazil, and Joseph Safra, the billionaire Brazilian banker. Losing Chiquita would not affect the day-to-day business of Fyffes. But it would leave the Irish group with a strategic quandary.

[leebong] 12/8/2014 08:26

Chiquita confirms unsolicited offer

12 August 2014 | 08:12am
StockMarketWire.com - Chiquita Brands International has confirmed that it has received an unsolicited offer $13 per share cash offer from the Cutrale Group and the Safra Group.

Chiquita says that its board, in consultation with the company's legal and financial advisers, will review and consider the offer to determine the course of action that is in the best interests of the company and its shareholders.

Chiquita advised shareholders to take no action at this time and to await the board's recommendation.

Chiquita entered into a definitive merger agreement with Fyffes in March. On completion of the stock-for-stock transaction, Chiquita shareholders will own approximately 50.7% of ChiquitaFyffes.

Chiquita says: "The agreement creates a global banana and other fresh produce company with approximately $4.6bn in annual revenues. We continue to strongly believe in the strategic merits and value provided by the proposed transaction with Fyffes plc."

At 8:12am: [LON:FFY] Fyffes PLC share price was -1.5p at 73.5p
- See more at:

[buywell2] 11/8/2014 16:37

FFY balance sheet has been weakening the last few years

The chart is now showing some strain

[smicker] 11/8/2014 16:24

Chiquita offer only if Fyffes deal doesnt go through

[primachm00] 11/8/2014 15:27

Chiquita up 31 % today in new york,but ffy down 15% which makes me think sellers dont believe merger will take place

[primachm00] 11/8/2014 15:26

Chiquita up 31 % today in new york,but ffy down 15% which makes me think sellers dont believe merger will take place

[primachm00] 11/8/2014 15:23

With bid @$13 for Chiquita - how will this effect merger?