Danone and Wahaha agree to end joint venture
October 01, 2009
by FoodBusinessNews.net Staff
PARIS — Groupe Danone on Sept. 30 said it will exit its joint venture with China-based Wahaha Group, effectively settling a long-running dispute.
As part of the settlement, Danone has agreed to sell its 51% stake in the Danone-Wahaha joint venture to Wahaha.
"The collaboration between Danone and Wahaha helped to build a strong and respected leader in the Chinese beverage industry," said Franck Riboud, chief executive officer and chairman of Danone. "We are confident that Wahaha will continue to be highly successful under its future management guidance. Danone has a long standing commitment to China where it has been present since 1987, and we are keen to accelerate the success of our Chinese activities, in keeping with our mission of bringing health through food to the largest number of people."