The Asian unit of French dairy group Danone is to invest further in Chinese dairy products company Bright Dairy & Food Co.
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Danone Asia signed an agreement to pay CNY78.14m (US$9.4m) for a 2% stake in the Shanghai-listed company from Dazhong Transportation, reported AFX News. After the share transfer, which is pending government approval, Danone Asia will have a 5.85% stake in Bright Dairy.
Danone announced last year that it was to buy a 3.85% stake in Bright Dairy from Shanghai State-Owned Assets Operation Co, but government approval for the transaction is still pending, the report said.
