Danone wants to sell Michel and Augustin to a holding company linked to Ferrero

by time news

2023-12-06 19:22:24

The French agri-food giant Danone announced on Wednesday December 6 that it had entered “in exclusive negotiations” for the “potential sale” of the Michel et Augustin brand of biscuits and yogurts to CTH Invest, a Belgian holding company linked to Ferrero, information confirmed by the latter.

“Danone announces today that it has entered into exclusive negotiations with a company linked to Ferrero, regarding the potential sale of Michel et Augustin”indicated the group in a press release, without revealing the potential amount of the operation, nor the turnover represented by the entity which could leave its fold.

“Investment Priorities”

“Michel et Augustin is a very popular brand, but it does not correspond to the investment priorities defined by our Renew Danone strategy”,intended to make the group more profitable, said Juergen Esser, deputy general manager in charge of finance.

Danone acquired 40% of Michel and Augustin’s shares in 2016, before taking full control in 2020.“The conclusion of the transaction is subject to customary conditions and is expected to take place in the coming months”added Danone.“The operation would strengthen the presence of the Ferrero ecosystem in France”indicated the Italian food giant, known worldwide for its Nutella and Kinder brands.

The acquisition of the French company founded in 2004 would follow a series of acquisitions by the Italian giant in the high-end segment of mass-market biscuits, notably after the purchase of Delacre in Belgium, the group underlined.

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