The European Commission has approved Total Produce’s acquisition of 45% slice of Dole
On 31st July, the Commission’s all-clear requires Dole to sell off Saba Fresh Cut, the Swedish bagged salad specialist. Total Produce’s €260 million acquisition of a 45% stake in Dole requires accumulating around €127m to help finance the deal. Commenting on the completion of the transaction, Carl McCann, chairman of Total Produce said, “We are delighted to conclude this very substantial transaction with David Murdock who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985. Dole is one of the world’s foremost fresh produce companies and we look forward with great enthusiasm to working very closely together with David and his excellent management team to continue to develop the business in the future.”
Total, a spin-out from Fyffes, and chaired by Carl McCann, has the option to fully acquire Dole in five years. However, Dole currently has debts of around US$1bn in debt and posted a net loss last year of €13.6m.
