Danone buys into Chinese Dairy
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.