SAO PAULO, Brazil, Sept 10 (Reuters) - Brazil’s Grupo Cutrale and Safra Group, the banking and investment behemoth, entered into a confidentiality agreement with Chiquita Brands International Inc on Wednesday, after the banana producer agreed to consider their joint $611 million unsolicited takeover bid.
On Monday, Chiquita postponed a shareholder vote on a plan to merge with Fyffes Plc to engage in discussions with Cutrale and Safra.
Cutrale and Safra had said on Monday that Chiquita imposed conditions on them that were hard to meet, such as completing due diligence and delivering a final proposal by Sept. 16, two weeks before the rescheduled shareholder vote on Oct. 3.
Chiquita also requested that the proposal remain open for evaluation by its board until Nov. 15, regardless of the outcome of the vote.
In a statement, Cutrale-Safra noted that “while it is not tied to the time frame previously disclosed, it will use its best efforts to complete its due diligence and present its definitive offer as expeditiously as possible for Chiquita’s consideration.” (Writing by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)