(RTTNews) - French food company Danone SA (DANOY.PK) announced Monday that it has reached an agreement with COFCO Dairy Investments Limited or CDI, to convert Danone's stake in China Mengniu Dairy Co. Ltd., currently held indirectly, into a direct holding.

法国食品公司达能集团(DANOY.PK)周一宣布，已与中粮乳业投资有限公司(CDI)达成协议，将达能目前间接持有的蒙牛乳业股份转换为直接控股。

Mengniu is a Chinese manufacturing and distribution company of dairy products, in which Danone first became a shareholder in 2013. It is listed on the Hong Kong Stock Exchange with a current market capitalization of approximately 18 billion euros.

蒙牛是一家中国乳制品生产和分销公司，达能于2013年首次入股蒙牛。它在香港证券交易所上市，目前市值约180亿欧元。

According to Danone, conversion is the first step towards facilitating its disposal of its stake in Mengniu. This conversion process remains subject to regulatory approval and once completed, will result in Danone owning a direct 9.8% stake in Mengniu.

达能表示，转换股份是其出售蒙牛股份的第一步。这一转换过程仍需得到监管部门的批准，一旦完成，达能将直接持有蒙牛9.8%的股份。

A divestiture of Danone's stake in Mengniu could then follow in 2021 through one or several transactions, depending on market conditions.

根据市场情况，达能可能在2021年通过一笔或几笔交易剥离蒙牛股份。

Danone's indirect stake in Mengniu's share capital currently represents a book value of approximately 850 million euros and had in 2019 a contribution to recurring income from associates of 57 million euros.

达能目前对蒙牛股权的间接持股账面价值约为8.5亿欧元，并在2019年贡献了5700万欧元的员工经常性收入。

Subject to completion, and in line with the Danone's disciplined capital allocation, the majority of the expected proceeds will be returned to shareholders through a share buyback program.

在交易完成并符合达能严格的资本分配原则的情况下，预计大部分收益将通过股票回购计划返还股东。

Danone noted that China remains highly strategic beyond this transaction.

达能指出，除了这笔交易，中国仍具有高度的战略眼光。