French food company Danone said that it has launched the strategic sale of a stake of around 9.8% in China Mengniu Dairy Company through an accelerated bookbuilding process.

Mengniu Dairy is a Chinese dairy manufacturer, which trades on the Hong Kong Stock Exchange.

The transaction follows the announcement made by Danone in late February 2021, of the conversion of its long-term indirect stake in Mengniu into a direct holding which was wrapped up in mid-April 2021.

Danone said that a further announcement in connection with the success of the divestiture and proceeds received will be disclosed in due course.

  China, China Mengniu Dairy Company, Dairy Company, Danone, Hong Kong