Date Announced: 12/9/2016
Value: EUR$751 million
On December 9, 2016, Sumitomo Corporation announced it has reached agreement with Fyffes plc, on the terms of Sumitomo's recommended all cash acquisition of the entire share capital of Fyffes by means of a court-sanctioned scheme of arrangement. Fyffes is an international producer, shipper, marketer and distributor of food goods, including bananas, pineapples, melons and mushrooms. Fyffes' mushroom operations are conducted through various subsidiaries and facilities across Canada.
The acquisition, which was approved at a meeting of Sumitomo's Board of Directors, is subject to the approval of Fyffes' shareholders and of the Irish court. Fyffes' Board of Directors unanimously resolved to recommend the acquisition to Fyffes' shareholders.
Borden Ladner Gervais LLP is representing Sumitomo Corporation on Canadian legal issues of the transaction with a team led by Fred Enns that included Kenza Bensaid (Corporate), Davit Akman, Zirjan Derwa and Ian Li (Competition), Alfred Page (Securities), James Fu and Bethan Dinning (Labour and Employment).