Rabat - Morocco’s Société Nationale d'Investissement (SNI) announced on Monday that it had sold an additional 21, 75% of Centrale Laitiere to Danone for an estimated €278 million.
Rabat – Morocco’s Société Nationale d’Investissement (SNI) announced on Monday that it had sold an additional 21, 75% of Centrale Laitiere to Danone for an estimated €278 million.
The move will see the world’s largest yoghurt maker raising its stake in the Moroccan dairy company to 90, 86%.
SNI had already sold 37, 8% of Central Laitiere to the French group in February, 2013. The sale is reported to have yielded the Moroccan holding 6,1 billion dirhams. SNI has now control of only 5% of the CL capital.
Driven by the motive to reduce its dependence on slow-growth Europe, the French group is generating 60% of its turnover in emerging countries, according to Reuters.
In addition to Central Laitiere, SNI has announced plans to sell the remaining 9, 1 % it holds in the capital of Cosumar, a group specialized in the extraction, refining and the conditioning of sugar.