US banana producer Chiquita Brands International has reportedly agreed to have a merger with Ireland's Fyffes to create world's largest banana company.
The combined company, to be known as ChiquitaFyffes, is set to displace privately-held Dole from the No. 1 spot.
According to CNN, by the end of 1990s, Chiquita lost its top spot to Dole, which has about 26 percent market share today, while Chiquita has 22 percent and Fyffes has 7 percent.
Since the combined company will have its legal headquarters in Ireland, despite being listed on the New York Stock Exchange, it is likely to provide tax savings for the company.
ChiquitaFyffes is estimated to have a market value just over 1 billion dollars once the deal is approved by a majority of Chiquita shareholders and 75 percent of Fyffes shareholders, the report added.
