China’s Bright Dairy Shareholder May Sue Danone Over Multiple Holdings – Forbes
Danone, the French food company which is tussling with China’s largest drinks maker Wahaha over a brand dispute, may meet more setbacks as Bright Dairy & Food, another well-known dairy and drinks company in China, announced it may sue Danone. The Forbes magazine website reports.
A shareholder in China’s Bright Dairy & Food (SHA 600597) said it may sue Groupe Danone , claiming that the French company’s multiple holdings in Chinese food companies – including Bright Dairy – run counter to the interests of shareholders.
H&J Vanguard Research and Consulting, which holds an unspecified stake in Bright Dairy, said in a notice published on the official China Securities Journal that Danone holds interests in seven Chinese food companies, including 51 pct of a joint venture with Wahaha Group , 49 pct of a joint venture with Mengniu Dairy Co (HK 2319) , 24.3 pct of Huiyuan Beverage and Food Group Co (HK 1886) and 20 pct of Bright Dairy.
Danone spokesmen quoted in media reports today said they have not received formal notice of legal action. [Full Text]
-for more information about the struggle between Danone and it’s Chinese partners, see CDT hot topic Danone