Total Produce’s merger with Dole, which created the world’s biggest produce company, looked to have been timed perfectly. The new entity, called Dole PLC, had its initial public offering on the New York Stock Exchange in July of last year, five months before the peak of a 10-year bull market. The plan was for the IPO to raise between $500 and $700 million. American listed stocks tend to be rated more highly, all things being equal. They’re thought to be more comfortable with debt. And the new Dole PLC would have had some direct comparators in the likes of Fresh…

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