Fresh fruit and vegetable supply company Total Produce is to list in the United States after making a filing with the US Securities and Exchange Commission (SEC). It will cease trading in Dublin and London.
The European Commission last month cleared the way for the completion of a planned merger between Total Produce and Dole Foods, in a deal that will create the world’s largest fresh fruit and vegetable supply business.
The combined company, operating under the Dole brand, will be incorporated in Ireland, with its global headquarters in Dublin, but it will be listed in the US.
Total Produce first announced the planned combination in February, saying that Dole would be headquartered in Dublin but listed in the US.
Dole hopes to raise between $500 million (€422 million) and $700 million by way of a public flotation in the US.
According to its latest filing with the SEC, the company hopes to float “as soon as practicable after the effective date of this registration statement”.
At completion of the transaction, shares of Total Produce will cease to be listed on the Euronext Growth Dublin and the London Stock Exchange.
Separately, in a trading statement, Total Produce said it was “pleased to confirm that trading for the first quarter ended March 31st, 2021, has been strong”.
Revenue, adjusted earnings before interest, taxes, depreciation, and amortisation, as well as adjusted earnings per share “are ahead of the comparable quarter in 2020”.
Total Produce continues to target full-year adjusted earnings “in line with market expectations”.
“The group’s strong presence in the global fresh produce industry, the diversity of its operations and products together with the exceptional response from all of its people, continues to enable Total Produce to meet the ongoing Covid-19 challenges,” it added.
