By Giulia Petroni

Danone said Thursday that it has finalized the sale of its approximately 9.8% stake in Chinese dairy company China Mengniu Dairy Co. with gross proceeds amounting to 15.4 billion Hong Kong dollars ($1.98 billion).

The French food company said the majority of the proceeds will be returned to shareholders through a share buyback program whose details will be disclosed upon initiation.

The sale was launched on Wednesday via an accelerated bookbuilding process after Danone converted its indirect stake in Mengniu into a direct holding earlier this year.

The transaction settlement is set to take place on May 17.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 13, 2021 01:24 ET (05:24 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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