Two of the world's best-known banana brands – Fyffes and Chiquita – have announced a merger deal. As a result of the all-stock deal, Chiquita Brands International and Irish fruit seller Fyffes will create the world’s largest banana company. The companies used to be major competitors. However, they have united in a team. The combined company will be called ChiquitaFyffes Plc, representatives from the American and Irish sides said today in a joint statement. The new brand name shows the telltale aim of the merger, equal partnership to gain a global market share of 14%, outstripping its rivals. According to flash estimates of analysts, the overall sales are expected to exceed whopping 160 million boxes of bananas annually, more than any rival. Meanwhile, the Board of directors of the new multinational has already set a target to generate the sales proceeds of $4.6 billion per year. Apart from the business plan, the management pays special attention to the joint development strategy as the competition is still tough in this niche market. However, even being the new world’s biggest fruit supplier, ChiquitaFyffes has to assert its top position against the other giants, Dole Foods and Fresh Del Monte Produce. These two competitors hold two-thirds of the global fruit market share. As of the end of 2013, Fyffes revealed that its profit before tax rose 9.8% to €1.08 billion thus making the net profit of €28.6 million, whereas Chiquita was able to raise $3.057 billion reporting a net loss of $16 million. In the merger, shareholders will receive shares in each firm, with Fyffes shareholders owning about 49.3% of the combined company. The rest of the stock will belong to Chiquita. Combined, the two fruit firms will have 32,000 employees. Nowadays, India is carrying the palm as the top banana producer followed by Uganda and Uruguay. The top ten also includes the Philippines, Ecuador, Brazil, Indonesia, Columbia, Cameroon, and Tanzania.