Fyffes and Chiquita are set to merge and become the world's largest banana company, which will be based in Ireland.

The agreement between both boards of directors will create a firm that operates in more than 70 countries and employs around 32 thousand people globally.

Chiquita-Fyffes will be listed on the New York Stock Exchange and be domiciled in Dublin.

Business journalist Ian Guider says the reasons for the move were outlined in a statement this morning: