China’s State-owned Assets Supervision and Administration Commission has approved Danone Asia’s acquisition of a further 4.23% stake in the Chinese Bright Dairy & Food Co for CNY179.04m (US$22.38m).
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In a statement to the Shanghai Stock Exchange, Danone said that the deal still required approval from the Ministry of Commerce.
Danone Asia Currently holds 11.55% of Bright Dairy. In April, the company said that it planned to purchase an additional 8.46% of the Chinese group – 4.23% from Shanghai Dairy Co and 4.23% from SU Food Products Holdings.
If the purchase goes through, Danone will remain the third-biggest shareholder in Bright Dairy.
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