Brazil firm proposes takeover of company accused of Colombia paramilitary connections [View all]

[Judi Lynn]

Source: Colombia Reports

Brazil firm proposes takeover of company accused of Colombia paramilitary connections
Aug 12, 2014 posted by Christoffer Frendesen

Just three weeks after the dismissal of a lawsuit filed with Chiquita Brands International over its connections to paramilitaries, the company received a $611 million takeover bid from a Brazillian consortium according to international business media reports.

One of the world’s biggest processors of juice, the Brazilian Cutrale Group and Brazillian financiers Safra Group made a $611 million proposal to buy banana giant Chiquita on Monday, according to US wire service Bloomberg

This business offer was suggested less than three weeks after US court threw out the lawsuit against the banana company on July 24, 2014.

Chiquita was being sued by thousands of Colombians who had lost their beloved ones to paramilitary atrocities, and they accused the company of attributing to the deaths due to Chiquita’s payments of $1.7 million to now-defunct paramilitaries in Colombia, between 1997 and 2004.

MORE: US courts throw out case against Chiquita by families of Colombia paramilitary victims

An anonymous source quoted by Bloomberg implied that Cutrale decided to wait to the lawsuit was settled before making the proposal.

Read more: http://colombiareports.co/brazilian-juice-giant-make-proposal-buy-banana-company-chiquita-colombian-lawsuit-rejected/