Itochu Eyes Dole Units In Possible $1.7B Deal

Law360, New York (September 13, 2012, 5:38 PM EDT) -- Dole Food Co. Inc. is in advanced talks to unload its global packaged foods and its Asia-focused fresh produce businesses to Tokyo-based trading company Itochu Corp. in a deal reportedly worth $1.7 billion, the Japanese firm said Thursday.

In a statement of its own, Westlake, Calif.-based Dole said the discussions are part of its ongoing strategic review. Itochu said it intends to establish a new company specifically to acquire and oversee the Dole assets, to go operational in November. Neither company confirmed the billion-dollar prospective purchase...
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