Irish Total Produce has acquired American Dole Food, which previously was a target for Belgian Greenyard. At first, it will obtain 45 % of shares, but it has an option to buy the entire company.
Complete acquisition within five years
Total Produce will pay 300 million dollar (240 million euro) for the first 45 % of shares and will pay somewhere between 562 and 762 million dollars (450 – 610 million euro) to buy the remaining 55 %. According to De Tijd, Total Produce will have to buy the rest within the next five years: if it does not, then Dole owner David Murdock will be allowed to sell the entire company to a third party.
Late last year, it seemed that Greenyard would acquire Dole, which would make it the world’s largest company in this industry, but negotiations were halted. Apparently, the asking price was too high. “Greenyard will continue to execute the strategy we have drawn up in the past few years. We may have halted the Dole negotiations, but Greenyard will not stop working”, Deprez said.
