Danone Looking Into Kremlin's Move to Seize Control of Russia Business
17 Juli 2023 - 8:19AM
Dow Jones News
By Adria Calatayud and Mauro Orru
Danone said late Sunday that it investigating the situation
surrounding its operations in Russia after authorities there
decided to place Danone Russia under temporary external
administration of a government agency.
On Sunday, Russian President Vladimir Putin signed a decree to
take control of Danone's assets in the country and Copenhagen-based
brewer Carlsberg's Baltika Breweries, effectively handing the
stakes in their Russian businesses to the Federal Agency for State
Property Management.
The Kremlin in April moved to seize the assets of Germany's
Uniper and Finland's Fortum in the country under similar
arrangements.
The French food company said the planned transfer of control of
its essential dairy and plant-based business in Russia that was
disclosed in October was progressing according to the expected
schedule.
"Danone is preparing to take all necessary measures to protect
its rights as shareholder of Danone Russia, and the continuity of
the operations of the business in the interest of all stakeholders,
in particular its employees," the company said.
The decision of the Russian authorities has no impact on the
company's guidance for 2023, Danone said.
Write to Adria Calatayud at adria.calatayud@dowjones.com and to
Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 17, 2023 02:04 ET (06:04 GMT)
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