China Approves Dole DivestitureThursday, January 24, 2013
Dole Food Co. said Thursday it has received approval from the Chinese government Ministry of Commerce to sell its packaged foods and Asia fresh produce business.
The Westlake Village produce company said the sale of the businesses to Itochu Corp. of Tokyo, originally announced in September, will now move forward.
The $1.7 billion sale was delayed over Chinese antitrust concerns.
Itochu will have the right to sell Dole packaged foods, such as canned fruits and snacks, worldwide, and Dole-branded fresh fruits and vegetables in Asia.
Dole did not indicate when it expects the sale to close.
Shares of Dole rose 5 cents, or less than 1 percent, to $10.47 on the New York Stock Exchange Thursday.