PARIS (dpa-AFX) - Danone(DANOY.PK), a French food-products corporation, said on Friday that it has started a process to transfer the effective control of its Essential Dairy and Plant-based or EDP business in Russia.
The completion of the transaction which is expected to write off 1 billion euros, will result in the deconsolidation of Danone's EDP business in Russia.
'Danone considers that this is the best option to ensure long-term local business continuity, for its employees, consumers and partners,' the company said in a statement.
Over the first nine month period of 2022, the EDP business in the country has represented around 5 percent of the firm's net sales with a dilutive contribution to like-for-like sales growth and recurring operating margin.
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