Thursday, March 29, 2018
Source: FOODBEV
Danone has announced that it has completed the sale of 14% of its stake in Japanese probiotic drinks company Yakult for €1.3 billion.
Danone previously held a 21.29% stake in Yakult, and it has now has sold over 24 million shares in the company, though Danone will retain a 7% stake in Yakult.
The company claims the sale was approved as Danone wants to streamline its operations and focus on other areas to accelerate growth.
Yakult will maintain its collaborative operations with Danone despite the deal, and Danone will remain Yakult’s largest shareholder.
The €1.3 billion figure is approximately 39 times that of Yakult’s 2017 net income, according to Danone.
Danone announced its intention to sell a stake in the company in March, and it claimed the move was “in accordance with its continued focus on disciplined capital allocation.”
Read more at FOODBEV.