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Rabat – Moroccan Capital Market Authority (AMMC), the Casablanca Stock Exchange watchdog, announced in a press release today approving the motion to withdraw security offerings of Central Danone Stock from the Casablanca Stock Exchange.
AMMC announced authorizing the public offering of Danone Central’s listed stocks effective December 6.
The press release indicates that Compagnie Gervais Danone, Central Danone’s mother company, filed the buy-out bid on December 3.
The bid concerns all Central Danone stocks that are not held by the Compagnie Gervais Danone company.
In accordance with the regulating law, the AMMC suspended the listing of Central Danone’s shares trading in the Moroccan Stock Exchange.
The board of directors of Central Danone voted the decision on December 2, citing low share liquidity values.
Danone S.A. is a French multinational food-product company operating in over 120 markets.
The company is listed in the CAC 40, a global index tracking the performance of the 40 biggest companies worldwide.
Read also: Moroccans Call for Boycott of French Products
The company was previously forced to cut 30% of its milk production in 2018 following an online boycotting campaign, triggered by consumers’ complaints of high prices.
The company responds to consumers’ boycott by slashing prices in introducing a low-cost milk product, declaring that it will not abandon its Morocco market.
The boycott caused the dairy product company to bleed €13.5 million in the first half of 2018, resulting in a total loss amounting to 40% of the market share.
The group was slashed by a new wave of boycotting of French products in 2020 following the publication of caricatures depicting Prophet Muhammed on walls in France
Recently, online groups called for a new wave of boycotts on French products following France’s decision to halve the number of visas granted to Moroccans.
