Danone to sell 20 percent stake in China's Bright Dairy

0 Comments | AFP, October, 2007

SHANGHAI (AFP) — French food giant Groupe Danone SA, which is embroiled in a long and bitter public feud with a Chinese partner, said Tuesday it was backing out of another venture in the fast-growing Asian market.

Danone will sell its entire 20.01-percent stake in Shanghai-based Bright Dairy and Food for 955 million yuan (127 million dollars), the Chinese company said.

Danone agreed to sell 104.24 million shares in Bright Dairy at 4.85 yuan per share to each of Bright Dairy's parent Shanghai Dairy Group and S.I. Products Holdings Ltd, Bright Dairy said in a statement to the Shanghai Stock Exchange.

The statement did not give out any reasons for the sale.

Besides its partnership with Bright Dairy, Danone also has a less-than-satisfying tie-up with...