Danone to more than double stake in Bright Dairy & Food Co.

Gears up to become the third-largest shareholder of Bright Dairy.

07/03/05 China, GROUPE Danone, the world's largest yogurt maker, would more than double its stake in Shanghai-listed Bright Dairy & Food Co. to 9.7 percent after buying stock from two shareholders for 199 million yuan (US$24 million), Bright Dairy said in a statement.

Asian unit Danone Asia Pte. would become the third-largest shareholder of Bright Dairy when the sale is completed. Robert Schnurr, senior vice president for Danone Asia's dairy division, couldn't be reached for comment in Singapore because he was traveling. Paris-based Danone now has a 3.95 percent stake.

Danone Asia will buy 40 million shares, or a 3.85 percent stake, from Shanghai State-owned Assets Operation Co. for 121 million yuan, Bright Dairy's statement said. It will buy a 2 percent stake from Dazhong Transportation Group Co. for 78 million yuan, cutting Dazhong's stake to 1.85 percent.

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