Dole Food Co. finalized its merger with European fresh produce distributor Total Produce Tuesday in a $300 million deal that gives Total Produce a 45 percent stake in the Westlake Village company from owner David Murdock.
The merger comes a day after European Union regulators approved the sale following an investigation into the transaction’s effects on markets for certain fruits and vegetables.
Dole announced its initial plan for the deal in February.
Murdock will remain in his position as Dole chairman, while Total Produce Chairman Carl McCann will assume the role of vice chairman. The rest of Dole’s management team will stay in their current jobs.
Dole was reportedly discussing a similar deal with another European produce company, Greenyard, though negotiations for an acquisition fell through in mid-January. The same day Greenyard announced that talks had ended, Dole said it had cancelled its proposed $400 million initial public offering.
For reprint and licensing requests for this article, CLICK HERE.