Dole Receives Approval from China to Sell Worldwide Packaged Foods and Asia Fresh Produce Business
Westlake Village, CA-
By Jordan Okumura
01.23.13
Dole Food Company, Inc. has announced that ITOCHU Corporation and Dole received unconditional approval from the Chinese Ministry of Commerce to sell Dole’s worldwide packaged foods and Asia fresh produce business to ITOCHU, according to a press release.
Dole responded to market rumors in August, that the company was looking to sell the divisions. As part of its previously announced strategic review, the company had entered into advanced negotiations with ITOCHU Corporation for the possible sale of its Packaged Foods and Asia Fresh businesses.
“The Ministry of Commerce of the People’s Republic of China officially approved our antitrust filing, with no conditions or requirements, in a decision dated January 21, 2013,” said C. Michael Carter, Dole’s Executive Vice President and General Counsel. “We are grateful to the case team of China’s Anti-monopoly Bureau of MOFCOM for their professionalism and commitment to the timely review of our transaction with ITOCHU. We have now received all seven required regulatory approvals, and Dole expects to complete the sale within the next 30 days.”
