Danone Completes Sale Of Part Of Its Stake In Yakult
The companynoted that the proceeds from the transaction will be used to continue on its deleveraging path and to invest in accelerating organic growth and maximizing efficiencies towards 2020 for sustainable value creation.
As a result of the transaction, Danone's stake in Yakult's outstanding share capital is reduced from 21.29% to 6.61%. The investment will continue to be accounted for using the equity method under IFRS.
Danone and Yakult will maintain their long-term partnership and enhance their collaboration activities. Danone remains Yakult's largest shareholder and will nominate two directors for approval at the Annual General Meeting of shareholders.
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