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The French food group Danone has taken control of the Moroccan manufacturer of dairy products [Centrale Laitière], by acquiring additional 37.8% of the capital held for a $ 550 million, according to a statement on the night of Wednesday/Thursday .
The deal values [Centrale Laitière], which is listed on the Casablanca Stock Exchange, to just under 1.5 billion euros. Danone, whose collaboration with the Moroccan group dates back nearly sixty years, raised its stake to 67%, since it had held 29.2% of the company since 2001.
[Centrale Laitière], which is "the leader in dairy products in Morocco with nearly 60% market share", has annual sales of around EUR 600 million. It has the largest distribution platform in Morocco with 30 logistics bases serving 70,000 outlets, said the French group.
The transaction, subject to approval of the competent authorities, is expected to close by the end of 2012.
The deal values [Centrale Laitière], which is listed on the Casablanca Stock Exchange, to just under 1.5 billion euros. Danone, whose collaboration with the Moroccan group dates back nearly sixty years, raised its stake to 67%, since it had held 29.2% of the company since 2001.
[Centrale Laitière], which is "the leader in dairy products in Morocco with nearly 60% market share", has annual sales of around EUR 600 million. It has the largest distribution platform in Morocco with 30 logistics bases serving 70,000 outlets, said the French group.
The transaction, subject to approval of the competent authorities, is expected to close by the end of 2012.
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