Ebene Magazine – Danone takes the first steps to sell shares in the Chinese dairy Mengniu

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Ebene Magazine - Danone takes the first steps to sell shares in the Chinese dairy Mengniu

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By Jim Cornall
Contact

01-Mar-2021
– Last updated on
March 01, 2021 at 09:47 GMT

Related tags:
Danone, Mengniu

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Mengniu is a Chinese production and distribution company for dairy products, in which Danone first became a shareholder in 2013. This conversion is the first step in facilitating the sale of Danone’s stake in Mengniu.

This conversion process remains subject to regulatory approval and, upon completion, will result in Danone owning a direct 9.8% stake in Mengniu. A sale of Danone’s stake in Mengniu could then take place in 2021 through one or more transactions, depending on market conditions.

Danone’s indirect stake in Mengniu’s share capital currently corresponds to a book value of around EUR 850 million (USD 1 billion ) and contributed EUR 57 million (US $ 68.7 million) to recurring income from associates in 2019.

Subject to closing and in line with Danone’s disciplined capital allocation, most of the expected Proceeds returned to shareholders as part of a share buyback program.

Beyond this transaction, China remains of great strategic importance for Danone. The company has a strong commitment to the country through its various categories, operations and employees.

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Related topics:
Manufacturer,
Danone

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