Itochu buyout of Dole Food finished

Kyodo

Trading house Itochu Corp. said Tuesday it has completed the acquisition of businesses dealing in fruits and vegetables in Asia and processed food worldwide from Dole Food Co. of the United States.

Itochu will establish Dole International Holdings for the acquired businesses, capitalized at around ¥32.3 billion.

Itochu revealed the buyout plan last September and originally scheduled to complete the deal by the end of last year but had to wait for the approval of Chinese authorities.

Many Japanese companies operating in China have reported similar delays in acquisition projects since bilateral ties soured last year due to the Senkaku isle row.