FRANCE: Danone could cut DS Waters value - report
In a tough market for the home and office delivery segment of the US water market, Danone may have to cut the value of its subsidiary DS Waters, the UK's Financial Times reported today.
In January, Danone said it was to incur a charge of approximately €450m in its 2004 consolidated accounts in relation to its holding in DS Waters, LLP, the US Home Office Delivery (HOD) joint-venture that it formed with Suntory Ltd in late-2003.
At the time the company blamed slower volume growth patterns for the HOD industry, an increasingly aggressive pricing environment on HOD formats and faster than expected erosion of cooler rental revenues.
The FT reported today that whilst Danone was seeking a solution to its troubles regarding DS Waters by the end of the first half of 2005, Emmanuel Faber, Danone chief financial officer, admitted another impairment was possible.
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