Argentina’s Economy Ministry has approved a joint venture between Argentine confectionery firm Arcor and French food group Danone.
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The ministry said the Secretary of Technical Coordination had approved a recommendation from the National Commission for Defence of Competition to clear the cookie-making venture, reported Dow Jones International News.
The joint venture, named Bagley, will be the largest cookie company in South America, with production capacity of 255,000 tons of cookies and estimated revenues of US$300m. Arcor owns 51% of the venture, while Danone owns the remaining 49% share.
