Danone raises its stake in China’s leading dairy company Mengniu
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Posted: 13 February 2014 | Danone | No comments yet
Danone announced an agreement, together with COFCO Dairy Investments, to subscribe a reserved rights issue by China’s leading dairy company Mengniu, raising its interest in this company from 4.0% to 9.9% for an investment of €486 million…
Danone today announced an agreement, together with COFCO Dairy Investments, to subscribe a reserved rights issue by China’s leading dairy company Mengniu, raising its interest in this company from 4.0% to 9.9% for an investment of €486 million1.
The transaction makes Danone the second largest shareholder in Mengniu, and follows on from agreements signed on May 20, 2013 with Mengniu and with COFCO, China’s largest state-owned food company.
In parallel, COFCO, Danone and Arla — Mengniu’s three core shareholders — will combine their stakes (16.3%, 9.9% and 5.3%, respectively) within COFCO Dairy Investments, a jointly-owned company pooling all three shareholders’ interests in the governance of Mengniu.
The transaction is subject to the approval of Mengniu’s shareholders, and is expected to be finalized within the next few months.
- At an exchange rate of €0.0942/HK$ 1.00
