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Danone SA Announces Joint Venture and Equity Investment Agreement with COFCO and China Mengniu Dairy Co Ltd

Sunday, 19 May 2013 08:00pm EDT 

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. 

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