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Greenyard ends talks to buy Dole Food

FBR Staff Writer Published 08 January 2018

Belgium fruit and vegetable firm Greenyard has abandoned negotiations to acquire American agricultural multinational corporation Dole Food Company.

Last month, Greenyard revealed that it was into advanced stage of negotiations with Dole Food regarding a possible merger.

Greenyard then said that it had secured appropriate financing needed to acquire the American firm should the two reach a definitive agreement.

Reuters reported that the transaction would create a company having yearly revenue of about €8bn.

The acquisition was expected to help Greenyard establish a footprint in the US market. Additionally, it would have also possibly allowed the Belgian firm to supply the US businesses of Aldi, Ahold Delhaize and Lidl among other of its existing customers.

Greenyard executive chairman Hein Deprez said: “While the acquisition of Dole by Greenyard would have marked a significant milestone for both companies, we are confident that Greenyard has the right strategy and priorities in place to continue generating profitable growth and strengthening our global leadership position in fruit and vegetables.

“We pursued all efforts to realise a transaction with financial and strategic merit that would have created value for all stakeholders involved, nevertheless an agreement could not be reached.”

Greenyard’s financial advisor during the talks with Dole Food was Rothschild & Co while Allen & Overy LLP and Freshfields served as legal and competition advisors respectively.

The company operates across 25 countries and has more than 9,000 employees. In June 2017, Greenyard entered into an agreement to acquire Mykogen Polska, a manufacturer of mushroom substrate with production facilities in Poland and Ukraine.

Image: US-based Dole Food is into production of fresh fruits and vegetables. Photo: courtesy of Phil_Bird/FreeDigitalPhotos.net.