Danone said in a statement that following a review of its portfolio it had reached an agreement to convert its indirect stake in China Mengniu Dairy Company Limited into a 9.8% direct holding in the Hong Kong-listed group.
The French group said the indirect stake currently had a book value of about 850 million euros and contributed 57 million euros to its income in 2019. Chairman and Chief Executive Emmanuel Faber has come under growing pressure recently as shareholders push for changes at the group, which has lagged some rivals during the COVID-19 pandemic.
Why the conclusion that it was under shareholder pressure? Missed that part...
smart shareholders
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quite a while not hearing that brand
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