Groupe Danone said today (8 August) that it is making “good progress” with its takeover of Dutch nutrition company Royal Numico.

Danone already holds just over 29.5% of the outstanding shares in Numico, for which it launched a EUR12.3bn (US$16.9bn) takeover bid last month.

The French food giant said it would outline its bid to existing Numico shareholders later this month with the release an offer memorandum. The company added that it expects to close the deal in November.

Danone chief Franck Riboud has said buying Numico would create the “most powerful” health food company in the world.

Numico specialises in nutrition and baby food, including the Milupa and Cow & Gate brands.