FRANCE: Stonyfield Farm & Groupe DANONE Announce Partnership
Stonyfield Farm, the largest organic yogurt producer in the U.S. and Groupe DANONE (NYSE: DA), the France-based consumer products company known worldwide for its bottled water, fresh yogurt products and biscuits, announced today that Groupe DANONE has agreed to acquire an initial 40% holding in Stonyfield Farm. The full terms of the transaction were not disclosed. Under the agreement, Groupe DANONE will have an opportunity to acquire a majority holding in the company in 2004. However, control of Stonyfield's management will remain with Gary Hirshberg, Stonyfield's current chairman, president and chief executive officer.
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