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May 13, 2021, 1:33 a.m. EDT

Danone finalizes $1.98 billion sale of stake in Chinese dairy company Mengniu

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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.

Write to Giulia Petroni at giulia.petroni@wsj.com

/zigman2/quotes/205561941/delayed
FR : France: Euronext Paris
59.34
+0.04 +0.07%
Volume: 1.35M
June 16, 2021 5:35p
P/E Ratio
19.87
Dividend Yield
3.27%
Market Cap
€38.59 billion
Rev. per Employee
€231,418
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