Shares in Danone's, which is expected to hold a board meeting on Monday amid shareholder pressure to improve governance and boost returns, rose 2% after it announced plans to sell its stake in Chinese dairy firm Mengniu. Danone will use the gains from the sale to buy back its own shares, the French food company said in a statement issued late on Sunday. "We see this as a further positive step in tidying up Danone's non-core portfolio and a signal of serious intent on the portfolio generally, consistent with recent announcements," Jefferies analysts wrote in a note.
As part of its ongoing portfolio review, Danone said it has reached an agreement with COFCO Dairy Investments Limited, to convert Danone’s stake in China Mengniu Dairy Company Limited, currently held indirectly, into a direct holding.
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Bega Cheese Completes $534 Million Deal Bringing Iconic Brands Back to Australia
Bega Cheese paid $534 million (US$413 million) for the company from Japanese beverages giant Kirin Holdings.
Bega’s Executive Chairman Barry Irvin confirmed the news in an investor update (pdf) on Monday.
“Today is a significant day in the history of Bega, the acquisition of Lion Dairy & Drinks doubles the size of the company with revenue of $3 billion and brings together great brands including Bega Cheese, Vegemite, Dare, Farmers Union, Dairy Farmers, Yoplait, B honey, Big M, Masters, Juice Brothers and Berri,” Irvin said.
“This goal of creating a great Australian food company with the capacity to service our customers in Australia and around the world took a major step forward today,” he said.
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