France's Danone to sell 14 percent stake in Japan's Yakult
Paris: French food group Danone, which is facing investor pressure to boost returns, plans to sell a 14 percent stake in Japanese probiotics maker Yakult, both companies said on Wednesday.
The sale of two-thirds of Danone’s current Yakult holding could fetch about 1.5 billion euros (£1.34 billion), based on market prices.
Danone, the world’s largest yoghurt maker, said the sale would be carried out via a market transaction initiated by Yakult, which is expected to be settled in March. Yakult also announced a 36 billion Japanese yen (£241.6 million) share buyback programme in which Danone will participate.
The French group will retain a 7 percent stake in Yakult.
Along with Swiss food group Nestle and Anglo-Dutch consumer goods group Unilever, Danone has been facing investor pressure to boost shareholder returns.
Danone has lagged behind the growth of some rivals, largely due to weakness in its European dairy business in the face of sluggish demand and private label competition.
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