Changes in the merger between Chiquita and Fyffes revealed that Chiquita will have larger shares of the Irish company.
Chiquita and Fyffes, fresh produce companies most famous for their bananas, announced Friday that under the new all-stock deal, Chiquita Brands International Inc Shareholders will amass 60 percent of both companies combined a compared to its previous stake of 51 percent.
Fyffes shareholders, on the other hand, will get 40 percent of the company, down from 49 percent stake.
The boards of Fyffes and Chiquita have favored the decision, but they are still waiting on the shareholders' approval.
Chiquita and Fyffes revealed their merger plans last March. The new company will be located in Fyffes' headquarters in Dublin.
Both companies stated last week that they may make changes in their deal to seek approval from European regulators.
The modification in the deal has nothing to do with seeking approval from European regulators, according to Seamus Keenan, Fyffes spokesman.
New European regulations imposed by the Treasury Department will reportedly make the Chiquita-Fyffes merger less successful.
The transfer of the company to Dublin is called an "inversion," where Chiquita aims to re-incorporate the brand to reduce tax burden on income earned in Charlotte, North Carolina, where its headquarters is located.
Corporate inversion has become an emerging topic for debate. Critics who include lawmakers argue that corporate inversions may not benefit others as it makes their tax burdens heavier.
Keenan, however, emphasized in an email that the merger was not driven by "tax-based transaction."
Chiquita is currently in discussions with two other Brazilian companies that have offered acquisition of the number one distributor of bananas in the U.S.
Chiquita was reportedly offered $611 million by investment firm Safra Group and Juice Company Cutrale Group.
Chiquita Shares are valued at $14 on Thurs. and jumped 20 percent this year.
