Shares in banana producer Fyffes have soared after Japanese conglomerate Sumitomo Corporation launched a multi-million pound cash bid for the Dublin-based company.
The stock rocketed 44pc to £1.86 in morning trade after the offer from Sumitomo was made public.
Sumitomo, which owns a vast array of businesses across a number of sectors, from construction, media and minerals, to food, retail and finance, has offered to pay €2.23 per share to acquire Fyffes, a 49pc premium to the share price before news of the acquisition broke, valuing the company at €751m (£633m).
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