(a)-(b) As of August 12, 2010, the Reporting Persons beneficially own 8,080,300 Ordinary Shares (representing 19.5% of the outstanding Ordinary Shares based on information contained in the Issuer’s Report on Form 6-K furnished to the Securities and Exchange Commission on June 7, 2010). The Ordinary Shares are indirectly beneficially owned by Danone through its ownership of CGD. Prior to November 2009, the Reporting Persons owned the Ordinary Shares through their direct and indirect ownership of Blanrim, which was a wholly owned subsidiary of CGD. In November 2009, Blanrim was merged into CGD and Blanrim’s interests in the Ordinary Shares were transferred to CGD as a result of the merger. The power to vote and dispose of the Ordinary Shares is shared between the Reporting Persons
(c) To the knowledge of the Reporting Persons, except as described in this Amendment No. 8 none of the Reporting Persons, nor any person referred to in Exhibit I beneficially owns, or has acquired or disposed of any Ordinary Shares during the past 60 days.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Item 6 of the Schedule 13D is hereby amended and restated in its entirety as follows:
On August 11, 2010, CGD and WBD Finance entered into the SPA, pursuant to which CGD agreed to sell or procure the sale, and WBD Finance agreed to procure the purchase by the Purchaser, of the Sale Securities for an aggregate purchase price of $470,000,000. The closing of such purchase and sale is conditional on the approval of the transaction between Danone and UHL, as described in Item 4, by each of (i) the Federal Antimonopoly Service of the Russian Federation (the “
FAS Consent
”) and (ii) the Antimonopoly Committee of the Ukraine (the “
AMC Consent
”); provided, that if the AMC Consent has not been given as of October 31, 2010, the corresponding condition will be deemed waived. CGD may waive either or both of the closing conditions by notice to WBD Finance. If the closing conditions have not been met or waived by December 31, 2010, then CGD or WBD Finance may terminate the SPA. In addition, CGD may terminate the SPA if WBD Finance fails to procure that the Purchaser transfer the purchase price to the escrow cash account (as described below) by August 31, 2010, and WBD Finance may terminate the SPA if CGD fails to transfer the Sale Securities into the escrow share account and escrow ADS account by August 31, 2010.
From the date on which the purchase price is paid into the escrow cash account until the closing or the termination of the SPA (the “
Period
”), CGD has agreed that it will not vote or instruct the Escrow Agent (as defined below) to vote the Sale Securities other than in relation to (i) a transaction with or relating to a company or business in which it is publicly known that CGD or any of its affiliates has a significant equity interest, or the acquisition of any shares or securities or related rights in UHL or any of its subsidiaries or any company operating the business known as Unimilk or any part of such business or rights, (ii) the liquidation of the Issuer, (iii) any resolution that would result in CGD or its affiliates or representatives having to pay any amount or incur any liability, (iv) any resolution which would prevent WBD Finance or the Purchaser from carrying out its obligations under the SPA, or prevent CGD from delivering the Sale Securities as required under the SPA, (v) the issuance or distribution of securities by the Issuer (except where all shareholders have pro rata subscription rights) and (vi) in respect of any
public tender offer made for any shares or depositary receipts of the Issuer. In the event the SPA is terminated in accordance with its terms and the closing does not occur, WBD Finance will pay to CGD an amount that is equal to the Trading Price Decrease (as defined in the SPA) if the Trading Price Decrease arises as a result of any resolution of the shareholders passed during the Period (excluding any resolution voted upon by CGD or concerning the appointment of members of the Board of Directors of the Issuer as a result of the resignation of Mr. Jacques Vincent).
Pursuant to the SPA, the parties have agreed to enter into an escrow agreement (the “
Escrow Agreement
”) with J.P. Morgan Chase Bank, N.A., London Branch, (the “
Escrow Agent
”) under which CGD will transfer the Sale ADSs to an escrow ADR account and the Sale Shares to an escrow share account and WBD Finance will procure that the purchase price is transferred to an escrow cash account. Under the Escrow Agreement, the Escrow Agent will, according to CGD’s instructions, remit any and all dividends or other distributions received or declared with respect to the ADSs or Ordinary Shares during the time each is kept in its respective account. Further, during such time, the Escrow Agent will not vote or exercise other rights attaching to the Shares or ADSs except pursuant to CGD’s instructions.
The foregoing summary of the terms of the SPA is qualified in its entirety by reference to the full text of the SPA, a copy of which is included as Exhibit III to this Statement and is incorporated herein by reference.
Except as described above or elsewhere in this Statement or incorporated by reference in this Statement, there are no contracts, arrangements, understandings or relationships (legal or otherwise) between any of the Reporting Persons or, to the best of their knowledge, any of the persons named in Exhibit I to this Statement or between any of the Reporting Persons and any other person or, to the best of their knowledge, any person named in Exhibit I to this Statement and any other person with respect to any securities of the Issuer, including, but not limited to, transfer or voting of any securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7.
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Materials to be Filed as Exhibits.
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1.
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Directors and Officers of Danone and Compagnie Gervais Danone
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2.
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Joint Filing Agreement, dated as of August 12, 2010
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3.
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Sale and Purchase Agreement, dated August 11, 2010
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