Danone sold its assets and left Russia

French food giant Danone has announced that it has completed the sale of its assets and is winding down operations in Russia, which account for around 5% of the company’s global sales and where it has operated for more than 30 year. This was announced on Saturday, May 18, in an official statement from Danone.

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“Danone has completed the sale of its Russian food business to Vamin R LLC after receiving the necessary approvals from Russian regulatory authorities,” the document said.

In this regard, Le Figaro recalled that at the end of March the French group announced that it had the necessary permits from the Russian regulatory authorities to sell their subsidiary in Russia and was approaching an agreement with the buyer. However, only now have the agreements been finalized.

“The sale of its dairy and vegetable products business to Vamin R LLC – known as Vamin Tatarstan – to a Russian dairy company owned by Mintimer Mingazov, who is related to Ramzan Kadyrov, is planned for the coming weeks,” the journalists said.

As the publication recalls, in March it was said that Vamina Tatarstan was ready to pay 17.7 billion rubles. Experts noted that the real value of the assets is from 60 to 80 billion.

Let’s recall that the French company announced the termination of investment projects in Russia on March 6, 2022.

The French company Danone is one of the largest producers of dairy products and other food products, operating in more than 140 countries. Danone came to Russia in 1992. The company’s Russian assets are registered as Danone Russia JSC.

Let’s remember that the Russian market was previously abandoned by the famous Japanese clothing brand Uniqlo and the American pharmaceutical company MSD, which is a supplier in Russia of one of the most popular drugs for the treatment of hepatitis C, Zepatir.