Chiquita agrees to $742 million buyout

Chiquita Brands International Inc. agreed to be acquired for $742 million by a Brazilian orange-juice maker and its investment-firm partner after the banana company’s shareholders voted down a competing deal on Friday.

The offer comes from Cutrale-Safra, and represents the third bid for Chiquita since August. The Cutrale-Safra offers values the comapny at $14.50 a share, according to the Wall Street Journal.

The deal will combine the Charlotte, N.C., company’s bananas and Fresh Express packaged salads with Cutrale Group’s oranges, apples and peaches. Safra Group is a network of businesses controlled by Brazilian banking billionaire Joseph Safra.

Read more from the Wall Street Journal.[[In-content Ad]]