Danone is to sell its indirect stake in Britannia Industries to Leila Lands, the Indian biscuit maker announced today (6 April).
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In a filing to the Bombay Stock Exchange, Britannia said Danone had agreed to offload its 25.48% stake in the business to Leila Lands.
The proposed deal is slated to go through on 14 April. A final purchase price has yet to be disclosed.
Should the deal go through, it will bring an end to one of Danone’s more acrimonious overseas ventures.
Danone and Indian conglomerate the Wadia Group own equal shares in Associated Biscuits International Holdings, which owns 51% in Britannia.
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By GlobalDataThe relationship between Danone and the Wadias has been strained since the Indian firm started legal action claiming the French food giant illegally used the intellectual property rights of Britannia’s Tiger brand.
Officials at Danone could not be reached for immediate comment.
