Danone ups stake in Moroccan dairy Central Laitière to 90%

Danone has agreed a €278m (US$348m) deal to increase its existing majority stake in Moroccan dairy Central Laitière to more than 90%.

The French dairy giant announced today it will acquire an additional 21.75% interest in Central Laitière from Moroccan investment firm Societe Nationale d'Investissement (SNI) for €278m.

Once the transaction is complete, Danone will hold 90.86% of all shares in the company.

Central Laitière, Morocco's largest dairy processor, controls nearly 60% of the Moroccan fresh dairy market.

Danone's shareholding in Central Laitière can be traced back to 2001, when it acquired a 29.2% stake in the company.

Ten-years later, in February 2013, Danone became the company's majority shareholder when it acquired an additional 46.8% stake from SNI for €543m (US$680m).

Speaking with DairyReporter.com at the time, Agnès Berthet-d'Anthonay, spokesperson, Danone, said the growth of African markets were “of great interest to Danone.”

“North Africa has always been important for Danone – it has a lot of potential.”

More to follow…