FRANCE: Danone to sell off HOD business
Groupe Danone has decided to sell off its entire stake in its US home and office water delivery business DS Waters, a joint venture with Japan's Suntory.
According to comments reported by AFX late yesterday, company executive Emmanuel Faber said the sale of the entire stake was "currently being implemented. We are in advanced talks... (and) this is the basis on which we have provided for an additional charge."
Yesterday, Danone reported that it had booked a provision of around €200m from negotiations to sell the group's participation in its HOD business in the US.
Faber in a conference call around the French company's first half results said that the board had looked at a number of options but "opted for a sale of the entire stake in DS Waters."
The company seemed to feel this was likely to be the final charge against the unit, with CFO Giscard d'Estaing saying the figure was "the right one to execute well the disposal programme that is underway."
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