EC decision on Total Produce-Dole deal expected by mid-July

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EC decision on Total Produce-Dole deal expected by mid-July

The European Commission is due to decide by July 16 whether to wave through Total Produce's US$300 million purchase of a stake in U.S. rival Dole, The Independent reported.

The deal could lead to the creation of an industry behemoth with combined sales of over US$9 billion.

Ireland-based Total Produce in February announced it had reached an agreement to purchase 45% of U.S.-headquartered group Dole Food Company.

The transaction requires regulatory approval from both sides of the Atlantic but Total Produce's chief executive, Rory Byrne, had voiced fears the EU competition watchdog could delay the deal's consummation until the end of the year, according to the article.

A regulatory filing, however, shows the acquisition will be assessed next month.

If the deal receives the green light from regulators, Total Produce - which operates 146 operating facilities worldwide - and Dole chairman David Murdock will run the partially merged entity as a joint venture.

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