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Danone wants full or partial exit from JV with Wahaha

(Agencies)
Updated: 2008-05-23 11:48

Groupe Danone wants a full or partial exit from its troubled joint venture in China with local partner Wahaha, daily Les Echos reported on Thursday.

Les Echos, which did not name its source, said Danone was looking for an "honourable" way out of the partnership, which foundered over a dispute on brand ownership rights in the drinks joint venture.

Nobody at Danone was immediately available to comment and Reuters said the group declined to comment.

The two sides suspended legal proceedings in December to enter negotiations, but at last month's AGM Danone admitted there was no timetable for talks.

Danone, which has notably accused Wahaha CEO Zong Qinghou of selling products covered by the joint venture through parallel networks, owns 51 percent in 39 Danone-Wahaha joint ventures but deconsolidated the unit last year.

It has accused Wahaha of setting up independent companies and selling products identical to those sold by the joint ventures.

Wahaha in March rejected Danone's proposal for a new and reweighted company that would give each partner 40 percent of shares and leave the remainder in free float.