Total Produce, Dole Food Co. Inc. and affiliates of Castle & Cooke Inc., which own a 55% interest in Dole's parent company, Dole Holdings, said they entered into a binding transaction agreement to combine under the newly created U.S.-listed company, Dole plc. Total Produce, which was formed in 2006 when it separated from Fyffes, has owned 45% of Dole since 2018. Under the terms of the new agreement, Total Produce shareholders will receive 82.5% of Dole plc shares and the Castle & Cooke shareholders will receive 17.5% of Dole plc shares. "I am delighted with this transaction, which combines two highly complementary premium businesses to create the global leader in fresh produce," Carl McCann, chairman of Total Produce, said in a news release. "I am confident the combined business will open new avenues of value creation for shareholders and pursue innovation in healthy nutrition for our customers worldwide." McCann said the intention to list the new company in the U.S. is an exciting "next step" for Dole plc.