The French water group Danone has not yet reached an agreement with Coca-Cola over new terms for its US bottled water joint venture with the soft drinks giant.

Saying that the Coke joint venture was quite separate from DS Waters, LLP, its home and office delivery bottled water activities (HOD) joint venture with Suntory, a spokesman said: "'There is no news yet on the Coca Cola deal."

Yesterday, Danone said it is to incur a charge of approximately €450m in its 2004 consolidated accounts in relation to its holding in DS Waters, LLP. 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 led to the impairment decision, Danone said.

In November, the company said that it planned to renegotiate its two joint water ventures with Coca-Cola and Suntory.