Putin cancelled the transfer of assets of the French company Danone in Russia to temporary management
Source: The DairyNews
Vladimir Putin cancelled the transfer of assets of the French company Danone in Russia to temporary management by Rosimushchestvo.
The corresponding decree by Putin has been published on the portal of legal acts. The reasons for cancelling the transfer of Danone's assets to Rosimushchestvo are not specified. Market participants report that Danone will most likely be allowed to sell its assets to a Russian company. Earlier, the Financial Times wrote that Vamin-Tatarstan could be the buyer.
Earlier on February 28, Danone responded to a request from a DairyNews Global correspondent:
“As you remember, in July 2023, Danone Russia (EDP), now known as H&N, was placed under the temporary external administration of the Russian Federal Agency; while Danone remained the legal owner of the assets, the company lost the management control of the business and has accordingly fully deconsolidated its EDP Russia entities from July 2023. Since the announcement, our focus was to ensure the safety of our people while protecting Danone’s assets and rights. Given the uncertainty and volatility of the situation, we can’t comment further. But we will keep you updated when relevant.”
Earlier on February 28, Danone responded to a request from a DairyNews Global correspondent:
“As you remember, in July 2023, Danone Russia (EDP), now known as H&N, was placed under the temporary external administration of the Russian Federal Agency; while Danone remained the legal owner of the assets, the company lost the management control of the business and has accordingly fully deconsolidated its EDP Russia entities from July 2023. Since the announcement, our focus was to ensure the safety of our people while protecting Danone’s assets and rights. Given the uncertainty and volatility of the situation, we can’t comment further. But we will keep you updated when relevant.”
