Fyffes shares rocket on Chiquita merger announcement

<p>Chiquita and Fyffes are forming the world’s largest banana company.</p>

The share price of Irish fruit producer Fyffes has rocketed this morning (March 10th) after the company revealed it is merging with Chiquita.

As a result of the deal, the two companies will combine forces to become the world's largest banana firm.

ChiquitaFyffes will sell around 160 million boxes of bananas annually, it was claimed by the companies in a statement.

"This is a milestone transaction for Chiquita and Fyffes that brings together the best of both companies," said Chiquita boss Ed Lonergan.

It was also announced that the new company will be listed in New York, while shareholders receive shares in each firm.

Following the news breaking, the share price of Fyffes rose by more than 25 per cent in this morning's trading session. By 08:53 GMT, stocks in the fruit company were up by almost 26 per cent compared to the start of the day, and they were still rising fast in value.

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