be listed on the New York Stock Exchange. Chiquita's CEO Ed Lonergan would have served as Chairman and Fyffes Executive Chairman David McCann would have become the CEO of the proposed entity. Lonergan called this a "milestone transaction" and that "the combined company will also be able to provide customers with a more diverse product mix and choice;" while McCann added that both companies will benefit from their "joint expertise, complementary assets and geographic coverage to develop a business". According to Chiquita, the deal will "provide substantial operational efficiencies and cost savings". The combined company will have tax savings from being domiciled in Ireland, similar to the 2013 acquisition by US drug-maker Perrigo of Irish company Élan. The deal is a corporate inversion, as the takeover company (Chiquita, United States), is relocating its domicile to that of purchased company (Fyffes, Ireland). A $611 million takeover offer by Cutrale of Brazil and Safra group in August 2014, was rejected outright by Chiquita, with the company refusing to meet with the bidders to discuss the offer. Chiquita said it was pressing on with its merger with Fyffes. However, shortly after Chiquita shareholders rejected the Fyffes merger the Cutrale-Safra offer of $14.50 per share was accepted. Yet the North Carolina Economic Development board asserted that if the headquarters was moved away, the company would be due to return N.C. and local incentive money. Former Charlotte City Council member John Lassiter, who heads the board, said the new owners would inherit Chiquita's responsibilities under a 2011 deal that brought the company to the city. The agreement stipulates that it received more than $23 million in incentives from Charlotte and Mecklenburg County for moving its headquarters and hundreds of high-paying jobs from Cincinnati and if it moved again within 10 years it must repay the "clawback" provision. Lassiter said of the matter: "It’s not a question of opinion. It’s 'What does the agreement say?’ I would expect both the city (of Charlotte) to impress its position (on the new owners) and for the (new ownership) to follow expectations under its provisions of the agreement." Operations Chiquita Brands International operates in 70 countries and employs approximately 20,000 people as of 2018. The company sells a variety of fresh produce, including bananas, ready-made salads, and health foods. The company's Fresh Express brand has approximately $1 billion of annual sales and a 40% market share in the United