Danone finalizes sale of stake in Chinese dairy company Mengniu

FRANCE – French dairy company, Danone has finalized the strategic sale of its approximately 9.8% stake in China Mengniu Dairy Company Limited. According to a statement from the French dairy company, the transaction resulted in total gross proceeds of HKD 15.4 billion (US$1.93 billion) The settlement of the transaction will take place on May 17, 2021. The company further noted that in line with its disciplined capital allocation, the majority of the proceeds will be returned to shareholders through a share buyback program that will be announced soon. Mengniu is…

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