Ogier cross-jurisdictional teams advise on fruit giant takeover bid

Ogier has advised Sumitomo Corp on the BVI and Cayman law aspects of its recommended offer for Fyffes.  The offer values Fyffes at €751m.

 

The takeover offer is still subject to approval by Fyffes shareholders. However, Sumitomo Corp has received the irrevocable support of shareholders representing just under 25 per cent of Fyffes’ issued share capital.

 

Fyffes, best known for its banana business, also produces and distributes pineapples, melons and mushrooms.  As one of the world’s largest fresh produce distributors, the company has an annual turnover of more than €1.2bn. The proposed deal, will merge the largest banana distributors in Asia and Europe.

 

Ogier partner Simon Schilder led the Ogier team acting on the deal, and advised, with associate Daniel Russell, on the BVI legal aspects of the deal, with fellow partner Angus Davison and managing associate Mark Santangeli advising on the Cayman law aspects of the deal.

 

The parties hope to close the deal before the end of March.

 

Simon said: “It was a pleasure to work with Sumitomo Corp on the deal and to be able to utilise our cross jurisdictional offering.

 

“There has been a trend in recent months of Japanese firms taking advantage of their relatively strong currency to do deals overseas and we expect it to continue.”

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