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By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-10-16 11:02

Danone, the world's largest yogurt company, plans to sell its entire 20.01 percent stake in China's Bright Dairy & Food Co Ltd for 4.58 yuan (61 US cents) per share, a total sale price of 955 million yuan, Bright Dairy announced yesterday, the China Securities News reported today.

Danone Asia Pte will sell the stake to Bright Dairy's two shareholders, Shanghai Dairy Group and S.I. Food Products Holdings Limited, the Shanghai-based dairy firm said.

Related readings:  Danone reports 7 pct drop in 1st half net profit  Bright Dairy profit tumbles  Bright Dairy to raise milk output  Danone to purchase 4.23 percent more of Bright Dairy

The deal still awaits approval from the China Securities Regulatory Commission and the Ministry of Commerce, Bright Dairy said.

After transaction, Shanghai Dairy Group and S.I.Food Products Holdings will hold the same 35.176 percent of Bright Dairy.

Danone and Bright Dairy will also terminate an agreement under which Bright Dairy used and promoted the Danone trademark in China. Danone is to pay Bright Dairy 330 million yuan.

The cooperation between Danone and Bright Dairy began in 1992, when the two sides invested US$3.9 million to establish a 50-50 joint venture.

In 2000, Danone began to buy stakes in Bright Dairy, from five percent originally to 20.1 percent now, becoming the dairy company's third-largest shareholder.

In addition to Bright Dairy, Danone has also bought stakes in leading Chinese beverage companies.

Danone holds a 51 percent stake in 39 joint ventures with Wahaha Group, 92 percent in Robust, 49 percent in joint ventures with Mengniu Dairy, 50 percent in Shanghai-based Aquarius, and another 24.32 percent in Huiyuan Beverage and Food.