France's Groupe Danone is selling its equity stake in an India joint venture, Britannia Industries, to its local partners, the Wadia group, ending a relationship that started in 1993 but has been punctuated with problems of late.
The Wadia group will buy Danone's 25.48% holding, which will increase its stake to 50.96%, Britannia informed the National Stock Exchange in a filing on Monday. The valuation at which the deal will be transacted was not disclosed in the filing. The deal is likely to be completed by April 14. The transaction is unlikely to trigger an offer to minority shareholders since transfers of shareholdings between founders of companies are specifically exempt from general offer provisions under...
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