Danone buys into Chinese Dairy

- Last updated on GMT

Related tags: Shareholder, Stock market, Share

French food giant Danone, producer of brands such as Evian and
Kronenbourg, has bought a 5 per cent stake in Shanghai Bright Dairy
& Food, a food unit...

French food giant Danone, producer of brands such as Evian and Kronenbourg, has bought a 5 per cent stake in Shanghai Bright Dairy & Food, a food unit of Shanghai Industrial (Holdings), South China Morning Post reported today. The acquisition paves the way for Shanghai Bright to list A shares in China next Shanghai Industrial chief executive Zhuo Fumin said the company, with mainland partner Shanghai City Dairy, each sold a 2.5 per cent stake in Shanghai Bright to Danone for an undisclosed price. Shanghai Bright must transform into a shareholding company before submitting a listing application. Regulations demand that shareholding companies must have at least five shareholders. This forced Shanghai Industrial and its partner to sell shares to new partners, Mr Zhuo said.

Related topics: Market Trends

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