Fyffes and Total Produce have both announced share buy-backs.

Total Produce announced that it has bought back 22 million ordinary shares at €0.39 a share on Tuesday. This was under the authority granted by shareholders at its AGM in May. The board of the plc said that it is continuing to pursue acquisition opportunities.

Last week, Fyffes bought back 17 million of its shares at €0.06 each. The 17,000,000 ordinary shares purchased under this transaction are being held as treasury shares. In addition, Fyffes has authorised the cancellation of 3,946,610 ordinary shares previously held as treasury shares by the company. Following this transaction, Fyffes plc has 328,566,633 ordinary shares in issue, excluding the 32,075,000 now held as treasury shares.

Market analysts said the moves indicate both companies are looking to consolidate and increase their value.