date:Mar 25, 2014
at wasn't always the case. Looking back, Fyffes had a great opportunity to take a big punt and bid for Chiquita in late 2005 or early 2006. Chiquita had a market capitalisation of around 500m.
The EU was set to double the tariff on banana imports from Latin America, which spooked Chiquita. Its shares were trading at just $13. Fyffes on the other hand had 170m in net cash on the balance sheet, net assets of 551m and a market capitalisation of around 800m. Management didn't go for it. They got ca