Danone Finalizes $1.98 Billion Sale of Stake in Chinese Dairy Company Mengniu
May 13 2021 - 1:39AM
Dow Jones News
By Giulia Petroni
Danone said Thursday that it has finalized the sale of its
approximately 9.8% stake in Chinese dairy company China Mengniu
Dairy Co. with gross proceeds amounting to 15.4 billion Hong Kong
dollars ($1.98 billion).
The French food company said the majority of the proceeds will
be returned to shareholders through a share buyback program whose
details will be disclosed upon initiation.
The sale was launched on Wednesday via an accelerated
bookbuilding process after Danone converted its indirect stake in
Mengniu into a direct holding earlier this year.
The transaction settlement is set to take place on May 17.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
May 13, 2021 01:24 ET (05:24 GMT)
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