Irish banana company Fyffes has agreed to revised terms of its merger with Chiquita, in a bid to make the deal more attractive to shareholders.

In a statement, Fyffes said that if shareholders agree to the deal then the US-owned Chiquita will own more of the merged company.

The statement explains that "Fyffes shareholders will now receive 0.1113 ChiquitaFyffes shares for each Fyffes share they hold and Chiquita shareholders will receive one ChiquitaFyffes share for each Chiquita share that they hold upon completion of the Combination.

"At that time, Chiquita shareholders are expected to own approximately 59.6% of ChiquitaFyffes, an increase from 50.7% under the previous agreement, and Fyffes shareholders are now expected to own approximately 40.4% of ChiquitaFyffes, on a fully diluted basis," it adds.

The merged company will then have a 14% total share of the $7bn global banana market.

Newstalk's Business Editor Ian Guider says both sides are eager to get the deal over the line: