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Fresh Express purchase may be delayed

Tuesday, April 26, 2005 | 9:20 a.m.

Chiquita Brands International Inc., the world's largest banana producer, may delay the acquisition of Performance Food Group Co.'s Fresh Express unit while it reviews legal matters that may affect the transaction.

The company and its financial institutions are evaluating the conduct of some employees and whether it will have any impact on the acquisition, Cincinnati-based Chiquita said Monday in a statement. Chiquita plans to provide more details by May 10 in filings with the U.S. Securities and Exchange Commission.

Chiquita agreed in February to buy Fresh Express for $855 million in cash to become the No. 1 U.S. seller of packaged salads. It's part of Chiquita's plan to rely less on bananas, which accounted for 56 percent of 2004 sales. The acquisition, which was supposed to close this month, is now expected to be completed by the end of the second quarter.

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