French investment fund PAI is mulling the sale of its 50% stake in France’s Yoplait, best known for its Yop yogurt drinks and Petits Filous children’s desserts.
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PAI acquired the stake in 2002 from Yoplait’s sole owner, French dairy co-operative, Sodiaal, which was faced with financial difficulties. Sodiaal retained the remaining 50% of the company’s capital.
PAI appointed ex-Danone executive, Lucien Fa, to turn round the flagging dairy products maker which last year posted a turnover of around EUR700m (US$951.2m).
The sale process could begin from 1 July when a five-year shareholder pact between PAI and Sodiaal expires.
Speaking in the French press, Sodiaal MD Claude Sendowski said his group was “very interested in regaining full control of Yoplait and its management”. Sodiaal could be ready to sell some of its assets, such as cheese brands Le Rustique and Riches Monts, to help finance the transaction.
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By GlobalDataWhile Sodiaal could face competition from General Mills, which is Yoplait’s franchisee in the US, analysts said Danone is unlikely to be among the candidates given the anti-trust issues a bid would engender.
Meanwhile, Nestlé’s recent strategy of hiving off its interests in the chilled dairy segment into a JV company with Lactalis would appear to rule out any move on the Swiss giant’s part.
