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Banana giant Chiquita rejects takeover bid by Brazilian group

NEW YORK--Banana giant Chiquita rejected Thursday the takeover bid by Brazil's Cutrale and Safra groups, calling their offer “inadequate” and sticking to its plan to merge with European fruit seller Fyffes.

The board of Chiquita Brands International turned down the US$13 a share, US$611 million cash offer for all of its stock made Monday by Cutrale, a global power in orange juice and other fruit juices, and Safra, the wealthy Brazilian investment bank.

The offer “is inadequate and not in the best interests of Chiquita shareholders,” the board said.

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