Danone buys out minority shareholders
($108.6 million) to buy out minority shareholders in
Brussels-listed Mecaniver SA, the...
Danone SA, the French food company, is to pay 123 million euros ($108.6 million) to buy out minority shareholders in Brussels-listed Mecaniver SA, the holding company behind Danone’s U.S. operations, Dow Jones reports. Danone holds 89% of Mecaniver, which itself has a 65% interest in Danone's U.S. dairy and bottled water operations. Danone is to offer 631 euros per Mecaniver share, representing a 4.8% premium on Mecaniver's last trading price of 602 euros Tuesday. Shares in Mecaniver had surged 21% Monday in anticipation of the move. In its statement, Danone said the offer "will allow minority shareholders to sell their shares at satisfactory terms at a time when liquidity ... is limited". Danone also said the move is aimed at simplifying management structures for its U.S. operations.