May 10, 2017 / 12:49 PM / in 2 years

Chinese group Inner Mongolia Yili to bid for Danone's Stonyfield

PARIS/HONG KONG, May 10 (Reuters) - Chinese food and dairy company Inner Mongolia Yili Industrial said on Wednesday that it planned to bid for Danone’s entire stake in U.S. organic yoghurt business Stonyfield for about $850 million.

Danone declined to comment, while Yili said the deal was in its preliminary stages.

Danone had said earlier this year that it would sell Stonyfield, which had 2016 sales of $370 milllion, as part of an agreement with U.S. authorities to facilitate the completion of its takeover of U.S. organic food group WhiteWave..

Reporting by Dominique Vidalon, Hong Kong Newsroom; Editing by Sudip Kar-Gupta

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