Danone has announced its plans to sell its remaining 6.61% stake in Yakult, 16 years since it first collaborated with the Japanese probiotic dairy company.
The announcement comes two years after Danone divested around two-thirds of its stake in Yakult for €1.3 billion, in an effort to streamline its operations. The owner of Silk and Actimel previously held a 21.29% stake in the Japanese drinks firm before selling over 24 million shares in the brand.
According to Bloomberg, the stake is worth about ¥60 billion ($570 million). The company have launched the sale today via an accelerated bookbuilding process.
The move is said to be in line with its continued focus on capital allocation discipline and balance sheet strength.
Despite the deal, the companies reconfirm their commitment to its long-term strategic collaboration to promote probiotics. Following completion of the sale, existing commercial partnerships – such as its joint ventures in India and Vietnam – will remain in place.
According to Danone, a further announcement will be released with regards to the transaction’s completion and financial details.