SOUTH Africa’s Del Monte food group has signalled it would agree to a R1.15bn bid from Italian counterpart Cirio, describing the cash offer as ”fair and reasonable” in a note to shareholders. Cirio said in December it had launched a cash offer of 525 cents per share for the entire capital of Del Monte Royal Holdings (Delhold), Del Monte Royal Corporation (Delcorp) and Del Monte Royal Foods (Delfood). The Italian firm’s offer was at a premium of 42% to Delfood’s closing share price of 370 cents on December 12, a day before Cirio announced its bid for the South African group. Cirio wants full control of Delfood to create the fourth largest canned food company in Europe. – Reuters