DUBLIN Dec 9 Irish banana producer Fyffes
on Friday said it was recommending shareholders approve
a 751 million euro ($798 million) takeover offer by Japan's
Sumitomo Corp and said 27 percent of shareholders had
committed to the deal.
Sumitomo is offering 2.23 euros in cash per share, a 49
percent premium on Thursday's close.
"We believe this transaction represents a compelling
proposition for our shareholders and crystallises the
substantial value created in recent years through the various
strategic developments and the strong operating performance of
our Group," Fyffes Chairman David McCann said in a statement.
($1 = 0.9412 euros)
(Reporting by Conor Humphries; editing by Jason Neely)