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Danone finalizes sale of assets and exits Russia

by Sonya Bandouil May 19, 2024 2:49 AM 1 min read
A factory belonging to the French dairy company Danone near Chekhov, Russia, on July 22, 2017. (Yuri Kadobnov/AFP via Getty Images)
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The French dairy products company Danone has finalized the sale of its Russian operations, accounting for about 5% of its global sales, after more than 30 years in the country.

The company announced it completed the sale to Russian dairy company Vamin R LLC after obtaining necessary regulatory approvals.

The sale was valued at 17.7 billion rubles, although experts estimated the assets' worth between 60 and 80 billion.

This deal, originally initiated in October 2022, faced delays due to a decree by Russian President Vladimir Putin that nationalized Danone's Russian assets.

In April, Danone also launched a dissolution of its last subsidiary in Belarus, DanoneBel.

Hundreds of companies have exited the Russian and Belarusian markets since the start of Russia’s full-scale invasion began in February 2022.

Reuters: Losses of foreign firms who exited Russia surpass $107 billion
The exit measures implemented by the Russian government, combined with writedowns, lost revenue, and other factors, account for the staggering figure, Reuters found.
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