Danone plans to invest RUB15bn in Russia over the next five to seven years

Danone plans to invest RUB15bn in Russia over the next five to seven years

The Russian government has approved the merger of Danone’s fresh dairy business with local firm Unimilk, according to reports.

Earlier this week, the government's foreign investment commission approved the merger, which was announced in June, Reuters has reported.

Danone said at the time that the deal would create a business that generated annual sales of EUR1.5bn (US$1.97bn) and spanned Russia, Ukraine, Kazakhstan and Belarus.

Speaking after the commission's meeting, Igor Artemyev, the head of Russia's FAS antimonopoly service, told reporters that Danone planned to invest RUB15bn (US$501.8m) in Russia over the next five to seven years.