Danone agrees to sell remaining minority investments in Mengniu partnerships and to acquire Dumex
06 Mai 2022 - 5:06PM
Danone agrees to sell remaining minority investments in Mengniu
partnerships and to acquire Dumex
Press release – Paris, May 6, 2022
Danone agrees to sell remaining
minorityinvestments
in Mengniu
partnerships and to acquire
Dumex
Danone announces today that it agreed to sell to
Mengniu the 25% stake the company holds in Yashili and the 20%
stake it holds in the Inner Mongolia Dairy Joint Venture. In
parallel, Danone will acquire from Yashili 100% of Dumex Baby Food
Co Ltd, a Chinese manufacturer of Infant Milk Formula products.
The proposed transactions are not required to
close simultaneously. Subject to the satisfaction or waiver of the
conditions of each of the proposed transactions, it is expected
that the earliest closing could take place this year. Further
announcement(s) on the satisfaction or, where applicable, waiver of
conditions of the proposed transactions will be made in accordance
with the Listing Rules and the Takeovers Code of Hong Kong.
The completion of these transactions will lead
to the conclusion of the partnership Danone held with Mengniu over
the last few years, following the disposal of Danone’s 9.8%
minority stake in Mengniu in 2021.
China remains highly strategic for Danone, and
today’s announcement will notably allow the company to further
expand its ability to locally manufacture Infant Milk Formula
products. In line with Danone’s capital allocation priorities, the
expected proceeds will be dedicated to further deleveraging the
company.
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FORWARD-LOOKING STATEMENTS
This press release contains certain
forward-looking statements concerning Danone. In some cases, you
can identify these forward-looking statements by forward-looking
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“foresee”, “likely”, “may”, “should”, “goal”, “target”, “might”,
“will”, “could”, “predict”, “continue”, “convinced” and
“confident,” the negative or plural of these words and other
comparable terminology. Forward looking statements in this document
include, but are not limited to, predictions of future activities,
operations, direction, performance and results of Danone.
Although Danone believes its expectations are
based on reasonable assumptions, these forward-looking statements
are subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated in these
forward-looking statements. For a detailed description of these
risks and uncertainties, please refer to the “Risk Factor” section
of Danone’s Universal Registration Document (the current version of
which is available at www.danone.com).
Subject to regulatory requirements, Danone does
not undertake to publicly update or revise any of these
forward-looking statements. This document does not constitute an
offer to sell, or a solicitation of an offer to buy Danone
securities.
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