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Fyffes share price up as markets go bananas for Chiquita merger shipping savings
Shares in London-listed fruit giant Fyffes jumped yesterday, after a joint announcement with banana colossus Chiquita that the firms identified another $20m (£12.06m) in synergy savings to be made by their merger.
Fyffe’s shares rose to 78.5p during the day, up by 4.67 per cent from Tuesday’s close. The companies had already announced $40m in expected savings, bringing the new estimated total to $20m. Chiquita said savings would be down to the sharing of shipping and IT previously done by each firm separately.
Fyffes yesterday also separately announced a small rise in revenue, up 1.3 per cent to €585.4m (£466m) in the first half, and a larger rise in profit before tax, up 40 per cent to €31m.