By Giulia Petroni
Danone /zigman2/quotes/205561941/delayed FR:BN +0.07% said Thursday that it has finalized the sale of its approximately 9.8% stake in Chinese dairy company China Mengniu Dairy Co. with gross proceeds amounting to 15.4 billion Hong Kong dollars ($1.98 billion).
The French food company said the majority of the proceeds will be returned to shareholders through a share buyback program whose details will be disclosed upon initiation.
The sale was launched on Wednesday via an accelerated bookbuilding process after Danone converted its indirect stake in Mengniu into a direct holding earlier this year.
The transaction settlement is set to take place on May 17.
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