Danone Asia Pacific Holdings, a subsidiary of French dairy multinational Danone, has signed a non-binding agreement to obtain a 49.9% stake in Yashili New Zealand Dairy, according to a FoodBev report.
Yashili New Zealand Dairy produces a range of dairy products, focusing mainly on infant formula. The company owns a factory capable of producing 50,000 tonnes of infant formula annually.
In a statement, Yashili New Zealand Dairy said: “The consideration, the payment method and the payment schedule shall be determined after arm’s length negotiations and mutual agreement between the parties”.
The deal is still subject to approval and the exact purchase terms have not been disclosed.
Danone Asia Pacific Holdings already owns a 25% stake in Yashili International, another subsidiary of Yashili International Holdings.