The US fruit and vegetable producer Dole Food is to merge with Ireland-based Total Produce to create a US-listed group that will be the world’s largest fresh produce company, reported Financial Times.
Total Produce, which has owned 45% of the US group since 2018, on Wednesday, February 17, announced that it had reached a deal with Castle & Cooke, a real estate company that owns a majority stake in Dole’s parent company Dole Holdings, to combine the two and form a company with about US$9.7 billion of annual revenues.
Dole will list on a big US exchange as a condition of the transaction and to raise US$500 million to US$700 million, mainly to be used on cutting debt; Total Produce will delist from the London Stock Exchange and Euronext.
The new group will be headed by Rory Byrne, chief executive of Total Produce, while Dole chief executive Johan Lindén will become chief operating officer.
The European Commission stated, “The General Court found that the French and Swedish schemes approved by the Commission were necessary, appropriate and proportionate and do not constitute a breach of the principle of non-discrimination on grounds of nationality, nor do they involve an unjustified restriction on the freedom to provide services.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI