Another fruit company wants to merge with Chiquita

NEW YORK (CNNMoney)

Two Brazilian companies stepped forward on Monday with promises of $600 million in cash and an offer to buy Chiquita Brands (CQB) outright.

Chiquita said it would consider the offer, but wasn't impressed.

The company suggested it would stick with a previously announced merger with the Irish banana company Fyffes. That deal, announced in March, would allow it to regain the title of world's largest banana producer, which it lost to Dole in the 1990s.

The merger to form ChiquitaFyffes would also save the company money on taxes through a controversial tactic called corporate inversion.

Investors responded to the announcement and Chiquita's reply by sending its stock soaring 30%.

Monday's offer was made by Safra Group, an investment house, and Cutrale Group, a juice producer active whose current fruit properties include oranges, apples, peaches and lemons. The two prospective buyers said they want to move fast and close the deal by the end of the year.

First Published: August 11, 2014: 7:29 PM ET

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