IRELAND: Fyffes to separate property assets
Irish fruit and vegetable distributor Fyffes today (15 December) announced plans to detach its property assets from its primary fresh produce business and form a new company, Bluestone Properties Plc.
Bluestone will have initial net assets of approximately €€200m (US$440m) comprising of properties to the value of €180m and net cash of €20m.
Fyffes will enter into arms-length lease agreements with Bluestone concerning the properties that it currently uses. These rental commitments are expected to reduce Fyffes annual adjusted earnings by approximately €0.008 per share.
The company intends to seek shareholder approval after relevant documentation is provided in March. "It is anticipated that the demerger will occur in 2006, after shareholder approval is granted," a spokesperson for Fyffes told just-food. "Fyffes will then formerly seek to list Bluestone on the AIM market in London and IEX in Dublin."
Fruit distributor Fyffes has posted a 15.2% increase in group revenue for the 2005 financial year - at EUR1,742m - thanks to a favourable European market. ...
Fyffes has acquired a 60% stake in Nolem, the Brazilian fresh produce export company, from a number of Brazilian shareholders....
Irish fruit importer Fyffes has lost its insider trading case against a former director, DCC managing director Jim Flavin....
Fyffes is to pay a €20m special dividend to reflect what it has called an "exceptional performance in 2005"....
Irish fresh produce distributor Fyffes has attacked an EU decision to impose a EUR176 (US$208) a tonne tariff on imported bananas....
Colombian banana and plantain export company Uniban and Irish-based fresh produce company Fyffes have entered into a strategic alliance in the United States through a 50/50 ownership in Turbana Corpor...
Irish fresh produce distributor Fyffes has reported a 17.6% rise in profit before tax to €69.3m (US$86.1m) for the first half, describing the results as "exceptional"....
EU competition officials have raided the offices of fresh produce company Fyffes in an investigation into a suspected cartel in the banana and pineapple businesses, according to the Irish Times newspa...
- Interview: Sir Kensington's on sale to Unilever
- Analysis: Post discusses rationale for Weetabix
- Who will buy Danone's Stonyfield business?
- Column: Why snacking is the new meal
- Interview: "Disruptive" snack brand Hippeas
- Unilever buys US condiments maker Sir Kensington's
- Nestle organic growth slows but beats expectations
- Ice cream helps Unilever sales, food flat
- Suntory to offload Australia, New Zealand foods
- Dairy dampens Danone in Q1