Danone to Transfer Control of EDP Business in Russia
14 Octobre 2022 - 8:52AM
Dow Jones News
By Giulia Petroni
Danone SA on Friday said that it will transfer control of its
essential dairy and plant-based business in Russia, a move that
could result in a write-off of up to 1 billion euros ($978
million).
The French food company said EDP Russia represented around 5% of
its net sales and had a dilutive contribution to its organic sales
growth and recurring operating margin over the first nine months of
the year.
"This is the best option to ensure long-term local business
continuity, for its employees, consumers and partners," Danone
said.
The transaction, which is subject to regulatory approvals, will
result in the deconsolidation of the company's EDP Russia
business.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 14, 2022 02:37 ET (06:37 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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