Fresh Del Monte Stock Climbs at Reports of Sale

Shares of Fresh Del Monte Produce rose Friday after reports that the company is on the auction block and could sell for about $1.8 billion, according to an Associated Press (AP) report.

The story originally appeared on TheDeal.com and cited four sources that it didn’t identify. TheDeal.com reported that Fresh Del Monte, the world’s top pineapple producer, hired J.P. Morgan earlier this month to run the auction, adding that first-round bids are due next week, according to AP.

Fresh Del Monte Produce stock rose $1.95, or 8.6 percent, to $24.64 in early afternoon trading on the New York Stock Exchange, according to AP.

Read the full article at http://biz.yahoo.com/ap/051216/fresh_del_monte_stock.html?.v=2.