meta Danone to sell US dairy arm to Lactalis for $875m | The Bullvine

Danone to sell US dairy arm to Lactalis for $875m

French food group Danone has agreed to sell Stonyfield, one of its US dairy subsidiaries, to Lactalis for $875m. The move is designed to address competition concerns as part of Danone’s acquisition of WhiteWave, a US organic food group. In March Danone reached an agreement with the Department of Justice in which it said it would sell Stonyfield. Stonyfield generated around $370m turnover in 2016. The sale price of $875m represents 20 times its earnings before interest, taxes, depreciation and amortization. The deal is expected to complete in the third quarter of this year. Shares in Danone rose 0.4 per cent in early Monday trading.

Source:Financial Times

(T1, D1)
Send this to a friend