November 26, 2003
Danone Asia Double Its Stake in Shanghai Bright Dairy for US14.6 Million
Shanghai Bright Dairy & Food Co Ltd said its shareholder, Danone Asia Pte Ltd, will buy 25.06 million state shares or a 3.85% stake in the company from Shanghai State-Owned Assets Operation Co Ltd for RMB121.04 million (US$14.62 million).
After completion of the transaction, Danone Asia, a subsidiary of France's Danone Group, will hold a total of 50.12 million shares, or a 7.7% stake, in Shanghai Bright Dairy.
The deal is still subject to approval from the State-owned Assets Supervision and Administration Commission.