Danone joins forces with Russia's Unimilk
PARIS, FRANCE: French food giant Danone and Russia's Unimilk announced on Friday, 18 June 2010, they were combining their fresh milk interests in Russia, Ukraine, Belarus and Kazakhstan.
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