- French food company Danone S.A GPDNF has decided to initiate proceedings Transfer of effective control of its Essential Dairy and Plant-based (EDP) business in Russia.
- The transaction could result in a write-down of up to 1 billion euros.
- The company chose the best option to ensure long-term local business continuity for its employees, consumers and partners.
- In the first nine months of 2022, EDP Russia’s business accounted for around 5% of Danone’s net sales.
- In March, the company announced that it would continue to produce key dairy and infant nutrition products in Russia. Reuters reported.
- Danone did not disclose to whom its Essential Dairy and Plant-based (EDP) division, which employs 7,200 people and has 12 production sites, would be transferred.
- The move comes after automakers nissan motor co ltd NSANIE transferred its assets to the Russian state and suffered a loss of $687 million.
- Price promotion: GPDNF shares closed up 1.97% at $46.55 on Thursday.
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