The French-based food and drinks group, Danone SA, has announced that it has acquired a majority stake in a European joint venture with the Israeli mineral water company, Eden Springs Ltd., in a bid to enhance its already dominant position in the European home and office water delivery (HOF) sector.
Danone is to buy a 53.2% stake in the joint venture, which is to be based in Switzerland, and will retain an option to acquire the remainder of the company in 2008. Financial details of the deal were not disclosed.
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Eden Springs, listed on the Tel Aviv Stock Exchange, currently operates in 13 European countries and had sales last year of €144m (US$154m). According to the two partners, the new joint venture will have a 20% share of the European HOF market.
