Key Developments: Danone SA (DANOY.PK)
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Latest Key Developments (Source: Significant Developments)
Danone SA Announces Joint Venture and Equity Investment Agreement with COFCO and China Mengniu Dairy Co Ltd
Danone SA announced COFCO, a State-owned food company in China, has signed an agreement with Danone, pursuant to which the two parties will form a joint-venture. COFCO has agreed to sell 148,014,022 shares in China Mengniu Dairy Co Ltd to the joint-venture. COFCO and Danone will own 51% and 49% respectively in the newly formed company. After the transaction, COFCO will continue to be the single largest shareholder in China Mengniu. Danone will become a strategic shareholder in China Mengniu, owning an indirect interest of approximately 4% at the initial stage, with an aim to increase the interest in China Mengniu based on market conditions in the future. In addition, Danone and China Mengniu Dairy Co Ltd have signed a framework agreement to establish a joint-venture for the production and sales of chilled yogurt products in China, Danone will own 20% and China Mengniu 80% of the new joint-venture in China. Danone will invest approximately EUR 325 million as a result of the two above cooperation projects. Full Article
Danone SA Acquires Happy Family
Danone SA announced that it has signed an agreement to acquire an equity interest of over 90% in Happy Family, a United States-based baby food producer. The transaction is expected to be finalized in the next few months. The financial terms of the deal were not disclosed. Full Article
Danone SA to Acquire 50.1% Stake in Sirma
Danone SA announced that it has signed an agreement that will enable it to acquire a 50.1% interest in Turkish company Sirma. Sirma is active in plain and flavored bottled waters, and in HOD (Home & Office Delivery). The transaction is expected to be completed before the end of 2013. The financial terms of the deal were not disclosed. Full Article
Danone SA and Yakult Agree on New Cooperation Framework to Replace Existing Alliance
Danone SA announced that discussions on the development of the partnership with Yakult have taken place in recent months, leading to the termination of the alliance agreement and the signing of a new cooperation framework. This new framework calls for existing collaborations to be continued, and envisages extending them into areas that are more operational in nature and that offer benefits for both parties. This framework does not contain commitment or limitation regarding Danone's equity interest in Yakult. Full Article
Danone SA Announces FY 2012 Dividend Payment
Danone SA announced that the annual general meeting has approved the proposed full year 2012 dividend of EUR 1.45 per share payable in cash. The ex-dividend date is set on May 2, 2013 and the dividend 2012 will be payable from May 7, 2013 onwards. Full Article
Eurazeo SA To Exit Danone SA Early-Reuters
Reuters reported that Eurazeo SA is to offload its stake in Danone SA ahead of schedule via an early repayment of EUR 700 million in bonds convertible into Danone stock. The move will boost Eurazeo's pre-tax earnings this year by EUR 131 million as well as bringing EUR 4.8 million in Danone dividends. Eurazeo issued the convertible bond in 2009. Once the debt is repaid, Eurazeo will no longer have a stake in Danone for the first time since 1987. Full Article
Danone SA Confirms FY 2013 Revenue and Trading Operating Margin Guidance
Danone SA announced that it confirms its previously issued guidance for fiscal year 2013, that is like-for-like revenue growth of 5% and a decline in trading operating margin, by between -50 bps and -30 bps like-for-like. The Company reported fiscal year 2012 revenue of EUR 20.869 billion. According to I/B/E/S Estimates, analysts on average are expecting the Company to report fiscal year 2013 revenue of EUR 22.09 billion. Full Article
Danone SA Faces legal Action from Portuguese Supplier Nutrigreen SA-Le Figaro
Le Figaro reported that Danone SA is to face legal action from Portuguese company Nutrigreen SA. Nutrigreen SA is suing Danone SA for EUR 60 million in damages for wrongful termination of contract. The case relates to Danone SA's termination of a contract for the supply of a fruit drink called C-Optima, which was terminated in 2012 due to concerns on the part of Danone SA regarding quality and logistics. Full Article
Danone SA Launches EUR 750.00 Million Bond Issue
Danone SA announced the launch of a EUR 750.00 million bond issue on February 27, 2013 maturing June 6, 2018. Accordingly, the Company announced that the bond, priced at mid swap plus (+) 33 basis points, pays a coupon of 1.25%, and was subscribed by an investor base. The bonds will be listed on Euronext Paris. Full Article
Danone SA Finalizes EUR 543.00 Million Acquisition of Controlling Stake in Centrale Laitiere SA
Danone SA announced that, following its announcement on June 27, 2012, Danone SA finalized its acquisition of a majority stake in Centrale Laitiere SA on February 22, 2013 from a 29.2% stake held since 2001 to 67.0%. Accordingly, Danone SA announced that the total amount for the acquisition was EUR 543.00 million or MAD 6,050 million. Full Article
French food group Danone takes second chance with China Mengniu
HONG KONG - Danone Group has agreed to invest 325 million euros ($417 million) in two deals with China Mengniu Dairy Co Ltd , marking a comeback for the French group in China where scandals have hurt confidence in food safety.
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