English"Danone" SA, the world"s largest yogurt maker, will take over the 45% stake its partner "Clover" holds in the "Danone Clover" joint venture - a dairy and dessert maker of South Africa, thus becoming a sole shareholder. The deal was valued at EUR 100 million in cash. The deal needs to receive the approval of the authorities.
Bernard Hours, co-chief operating officer of "Danone", said: "
Partnering with one of the most attractive food companies in Africa has been a great adventure for Danone and has enabled us to successfully build a franchise with sustainable growth, not just in South Africa, but more broadly in the entire region, in particular in Angola, Namibia, Mozambique.
Taking full control of this joint-venture shows the confidence we have in the growth perspectives of this business".
"Danone Clover" was incorporated 12 years ago, has a turnover of approximately 1.4 billion rands (128 million Euros) and controls 44% of the yogurt market in South Africa.
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