Danone, the world number one in milk products, will hold 57.5% of the new entity, with Unimilk shareholders taking the remainder.
No value was put on the deal which will be done by way of a contribution of assets and Danone buying shares in the new company, Danone-Unimilk.
The venture should have annual sales of about €1.5 billion (US$1.86 billion) with a market share of 21%.
Danone and Unimilk said their two businesses were very complementary and there would be significant synergies on sales and cost in the new company.
Source: AFP
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