PARIS (dpa-AFX) - Danone (DANOY.PK) said that it has sold a total of 24.60 million shares of Yakult Honsha Co., Ltd., for an aggregate amount of JPY 175 billion gross proceeds, representing 1.3 billion euros.
The companynoted that the proceeds from the transaction will be used to continue on its deleveraging path and to invest in accelerating organic growth and maximizing efficiencies towards 2020 for sustainable value creation.
As a result of the transaction, Danone's stake in Yakult's outstanding share capital is reduced from 21.29% to 6.61%. The investment will continue to be accounted for using the equity method under IFRS.
Danone and Yakult will maintain their long-term partnership and enhance their collaboration activities. Danone remains Yakult's largest shareholder and will nominate two directors for approval at the Annual General Meeting of shareholders.
Copyright RTT News/dpa-AFX