France's Danone has Chinese partner's overseas assets frozen

0 Comments | AFP, November, 2007

SHANGHAI (AFP) — French food giant Danone said Wednesday it had won a court order freezing the assets of 10 foreign companies believed linked to its estranged former partner, Chinese drinks maker Wahaha.

In the latest escalation of a bitter feud, four Danone companies filed claims against offshore companies believed to be connected to Wahaha in Samoa and the British Virgin Islands.

"They (Wahaha) are actually majority shareholders of these so-called non-joint venture companies who are producing Wahaha branded products without permission," said Michael Chu, a spokesman for Danone in Shanghai.

Last week, assets of two Wahaha subsidiaries, Mega Source Investments and Honour Bright Investments were frozen and put into receivership under the order of the Supreme...