The European Commission is to delay until July 30th its ruling on Total Produce’s €260m acquisition of a stake in Dole. The move comes after the Total Produce agreed to a number of concessions. The changes are believed to be minor. The EU’s competition watchdog had previously set July 16th as the initial deadline.
The Irish fresh produce distributor announced early this year its intended acquisition of a 45% stake in Dole, one of the world’s top producers of bananas and pineapples. To fund the deal, it is seeking to generate US$150m. If approval is obtained from US and EU regulators, a global conglomerate with combined sales of €8bn will be created. Total Produce has the option to fully acquire Dole in five years.