Chiquita Brands International Inc. has yet to see a reported $800 million buyout offer from a group of Latin American investors, the company said Wednesday.

        The Financial Times reported that the Latin America Finance Group was considering a bid. Analysts said that even if that bid doesn't materialize, it could stimulate more interest in buying Cincinnati-based Chiquita.

        With a new group of owners about to take control of the global banana marketer, the potential for a buyout is there, said Matt Ferko, an analyst at UBS Warburg in New York specializing in distressed debt.

        “The (new owners) understand the company can stand on its own,” Mr. Ferko said. “It's not like Chiquita needs to be acquired or it won't survive.”

        The potential bid would not come until after Chiquita emerges from Chapter 11 bankruptcy with the new owners, a new board of directors and half the amount of debt it carried last year.

        Emergence is scheduled for March 19. Any bid would be made to the new board, which includes current chairman Carl Lindner, current chief executive officer Steve Warshaw and five nominees of the bondholders that will control the company.

        Those bondholders, who held the debt that Chiquita defaulted on last year, will get more than 90 percent of the new Chiquita stock. Current shareholders will get 2 percent.

        That means Mr. Lindner, the Reds owner who has controlled Chiquita since the late 1980s, will relinquish his controlling interest. With investors all across the country now calling the shots, a potential buyer clearly has a better chance, Mr. Ferko said.

        “Things have clearly tilted in the bondholders' favor,” he said. “To the extent they want to put the company up for sale, they can do that.”

        Mr. Warshaw declined to comment Wednesday. The company's stock price fell 5 cents to 80 cents.

        E-mail cpeale@enquirer.com

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