SHANGHAI, July 14 French foodmaker Danone
has signed an agreement with Bright Food Group to sell
its 50 percent stake in a water company to a Bright Food Group
unit, Bright Food said on Thursday.
Danone had a joint venture with Shanghai Maling Aquarius
, a unit of Bright Food Group, to operate the
Shanghai Aquarius brand in China. Danone will sell its stake in
the joint venture to another Bright Food unit, said Pan Jianjun,
a Bright Food spokesman. Pan declined to disclose the financial
details of the deal.
Danone sold its 23 percent stake in China's Huiyuan Juice
last July for around 200 million euros to focus its
water division on natural mineral and spring water-based
Danone could not be immediately reached for comment.
In 2007, Danone was involved in a high-profile legal tussle
with Chinese beverage maker Wahaha Group over what it said was a
violation of the two firms' joint venture agreement. The matter
was settled in 2009.
(Reporting by David Lin and Melanie Lee; Editing by Jonathan