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Cutrale-Safra to acquire Chiquita in deal valued at $1.3 billion

Sergio Medina carries boxes in the Chiquita banana packing plant located on the Bueso plantation in La Lima, Honduras.
Esteban Felix | AP Photo
Sergio Medina carries boxes in the Chiquita banana packing plant located on the Bueso plantation in La Lima, Honduras.

Brazilian juice maker Grupo Cutrale and investment firm Safra Group agreed on Monday to acquire U.S.-based banana producer Chiquita Brands International Inc in a deal valued at $1.3 billion.

Cutrale-Safra, which had offered to pay $14.50 per share of Chiquita in cash, said in a statement that the transaction is not subject to any financing conditions. Once the transaction is closed, Chiquita will become a wholly owned subsidiary of Cutrale-Safra, the statement added.

The agreement was unanimously approved by Chiquita's board, the statement said.