Chiquita Brands International has announced that it will move to Brazil and work with Cutrale Group, an orange juice producer, and the Safra Group, a holding company, instead of moving to Ireland, the New York Times reports.
The company was expected to purchase Irish produce distributor Fyffes, but the decision was voted down on by shareholders.
"We appreciate the consideration and perspectives of all Chiquita shareholders who participated in this process," Chief Executive Edward F. Lonergan said in a statement, according to the newspaper.
"Given today's results, we have determined to terminate the agreement with Fyffes and to engage with Cutrale-Safra regarding its revised offer."
Earlier this year, Chiquita Brands International eyed the acquisition of Fyffes for $526 million-the purchase would have made the group the world's largest supplier and distributor of bananas. The deal was also supposed to bring in $4.6 billion in revenue.
However, higher revenue is slated for the partnership with the Cutrale-Safra group, which raised its stock to $14.50 a share.
Chiquita Brands International is also exploring further expansion into European markets.
