Danone has received permission from local regulators to sell its business in Russia. The French food company began the process of transferring Russian assets in October 2022.
Join
According to Danone’s press service, the company received permission to close a deal with the Tatarstan company Vamin R. The transaction is expected to close in the coming weeks.
The amount of the agreement was not disclosed, but the French company reported that its total losses amounted to 1.2 billion euros.
The company recalled that it began the process of transferring the Russian business back in October 2022. In July 2023, Danone deconsolidated EDP Russia from its accounts after losing control of its management.
In July 2023, Vladimir Putin signed a decree transferring Danone’s Russian business to the temporary management of the Federal Property Management Agency. On March 13, 2024, the subsidiary of the French company was removed from temporary management.
Earlier this week it was reported that Vamin Tatarstan and Deputy Prime Minister of Chechnya Yakub Zakriev could become buyers of the Danone subsidiary.
According to the Unified State Register of Legal Entities, Vamin R LLC, the future owner of the Danone business, was registered on September 25, 2023. 99% of the company belongs to Vamin Tatarstan.
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
