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Shares of Chiquita Go Bananas on News of Merger with Fyffes

Fruit distributor Chiquita is merging with Irish rival Fyffes in a deal that will create the world's biggest banana company worth about $1 billion. The all-stock deal will result in a company called ChiquitaFyffes with $4.6 billion in annual revenues and 32,000 employees. Chiquita shareholders will own about 50.7% of the combined company, with Fyffes shareholders owning the remaining 49.3%. The companies say existing brands will be retained.