Russian food group Wimm-Bill-Dann Foods has confirmed that reports that French dairy giant Danone has increased its stake in the Russian food company could be accurate, adding that Danone would be entitled to seek representation on the company’s board of directors.
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“Wimm-Bill-Dann Foods, a leading Russian producer of food products and beverages, does not possess any information contradicting the statement that Group Danone owns shares in the company in the amount of 12.9% of the charter capital of Wimm-Bill-Dann Foods,” the company said in a statement.
Wimm-Bill-Dann said that all shareholders with a 2% stake in the company or more are entitled to nominate their own representatives for the board of directors. The company received applications for candidates in mid-February. The names of candidates, which must be approved at the general meeting of shareholders in June, will be published before the AGM.
