1425 ET - Privately held fruit canner Del Monte Foods filed for bankruptcy after Tuesday's close. Shares of publicly traded Fresh Del Monte Produce fell 1.4% shortly after Wednesday's open before recovering, even though the two companies aren't connected. It's likely a case of mistaken identity by some traders. The similarly named entities were formerly both part of RJR Nabisco before KKR's leveraged buyout of the conglomerate in 1988, and were then spun off to divergent corporate fates. Fresh Del Monte, which sells fruit that is fresh, not canned, is in much better shape: profitable, with minimal long-term debt, a roughly $1.6 billion market cap and returns north of 50% over the past year. FDP shares have recovered to roughly flat Wednesday afternoon. (matt.grossman@wsj.com; @mattgrossman)

(END) Dow Jones Newswires

July 02, 2025 14:25 ET (18:25 GMT)

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