Total Produce PLC - Dublin-based fresh produce provider - Says European Commission has cleared the merger of Total Produce, Dole Food Company Inc and affiliates of Castle & Cooke Inc into a new, Irish incorporated, US listed company: Dole PLC. Notes, Castle & Cooke owns a 55% interest in DFC Holdings LLC, the parent company of Dole Food.
In the US, the waiting period established by the Hart-Scott-Rodino Act elapsed on April 16. The Hart-Scott-Rodino Act requires companies to notify the Federal Trade Commission and the Department of Justice of any large mergers before they occur and institutes a waiting period during which the federal government can request further information to assess any potential issues with the merger. Clearance by the European Commission and the lapse of the waiting period in the US fulfil the two antitrust conditions required in the transaction agreement.
When the merger is completed Total Produce will have access to a facilities secured in a recent credit agreement announced in April, which includes an agreement reached with the New York branch of Cooperatieve Rabobank UA for a USD500 million five-year revolving credit facility and a USD940 million seven-year loan facility with Bank of America NA.
Current stock price: 216.18 pence, down 1.1% on Wednesday afternoon
Year-to-date change: up 76%
By Scarlett Butler; scarlettbutler@alliancenews.com
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