Groupe Danone Signs Agreements with Kraft Foods for Disposal of Biscuit and Cereal Products Division
Completion of the transaction is subject to certain conditions precedent in particular the approval of regulatory authorities in the countries concerned (including the European Commission).
31/10/07 Discussions announced July 3, 2007 with a view to the disposal of Groupe DANONE’s biscuits and cereal products division to Kraft Foods took a major step forward with the signature of the agreements between the two parties.
On July 3, the Board of Directors of Groupe DANONE announced its decision to initiate exclusive negotiations with Kraft Foods based on the basis of Kraft Foods’ binding offer dated July 2.
On this basis, on July 11, Groupe DANONE launched consultations with official bodies representing group employees.
These consultations having now been concluded, the Board of Directors of Groupe DANONE approved the transaction, and the final legal documentation was signed by the two groups.
Completion of the transaction is subject to certain conditions precedent in particular the approval of regulatory authorities in the countries concerned (including the European Commission).
Groupe DANONE and Kraft Foods are working together in order to complete the transaction by the end of the year.
