French food behemoth Danone revealed earlier today [Monday] that it has secured the controlling 51% share of a new joint venture established with Egyptian consumer goods giant, the Rachid group.

The new company, which will first be focused on marketing Danone's LU biscuit brand on the Egyptian market, aims eventually to sell fresh dairy products, biscuits and beverages throughout Egypt and other countries in the Near and Middle East.

Danone explained that plans are in place to gradually expand the venture through acquisitions and projects on a region-by-region basis.