France's Groupe Danone said on Friday that it had finally reached an agreement with The Coca-Cola Company to amend their existing deal regarding the distribution of retail bottled water products in North America.

The new deal will see Coke buy out Danone from their joint venture business in the US, CCDA. Financial details were not disclosed. Coke will become the sole owner of CCDA's business.

Danone and Coca-Cola set up the joint venture in 2002. The business sold and marketed Dannon, Sparkletts and other water brands in the US. However, as competition in the US intensified, the joint venture failed to live up to expectation in terms of sales.

The new deal will see an increase by 20% of the amount to be spent on advertising and promoting Evian products over the next five years, a Danone statement said.